Candidates for public office to be given public funding and equal media access, once they can demonstrate public support in order to restore the relationship between representative and represented and reduce corporate vested interests.
‘Corporatocracy’ refers to a society that is controlled by corporate interests. Though some businesses may choose to support a certain party out of genuine ideological compatibility, others may wish to use their financial power to achieve an undue influence over political decision-making and benefit from its results. However, vested interests can be limited by the regulation of financial contributions to political parties and candidates from corporations. According to IDEA, approximately one in five countries currently bans corporate funding completely.
A balance in favour of citizens, rather than money, must be restored by reducing the incentives for corruption as well as the undue influence of corporate funding in our governance system. One of the main goals is to facilitate pluralism within the democratic process, allowing enough resources for a wider range of parties to reach the electorate. Providing public funding, and equal opportunity to access it, is a necessary complement to these restrictions on private funding.
Another means of reducing the advantages impact of financial differences between political parties and candidates is to provide equal treatment from privately-owned media and free or subsidised access to state media .
Overall, transparency in the financial dealings of political parties and candidates is essential to restoring a relationship of trust between political leaders and their constituents. While the influence and necessity of money in politics is clear, it must not be allowed to play a negative role in permitting the side-lining of the will of the people.