Editorial – Democracy? Insert cash…
What many considered laughable in all the recent outrage at Reform UK getting twin donations of £36m from crypto-billionaires (one of them convicted for money laundering offences), was Farage’s claim that the money would ‘help to level the playing field’. As opposed to ‘buy it outright’, presumably.
Actually, Farage wasn’t far wrong on that score. Electioneering doesn’t come cheap. Labour’s pre-election fundraising in 2024 has been estimated at £64m, while Conservatives raised £54m (2026 Autonomy Institute report PDF). So Reform’s £72 mill doesn’t look wildly out of place. The problem, as pundits have pointed out, is that it all comes from just two dodgy geezers. Reform UK may not be buying the next election, but Messrs Harborne and Delo are pretty much buying Reform UK, and will doubtless expect a Reform government to be super-cuddly when it comes to crypto regulations.
Also slightly peculiar was the high moral tone struck by some newspapers, in congratulating themselves on how Britain has a robust and venerable democracy that can’t be bought. Well, maybe not bought exactly. But when you think about the expenses scams, the grifts, the grace and favour junkets, the lobby groups, the revolving doors and the side hustles, rented by the hour would be more like it.
Still, that’s nothing compared to US politics, where ‘mega-donors’ are pouring hundreds of millions into the Republican mid-term electoral war chest even as they trail the Democrats in the polls. ‘Other mega-donors have funnelled cash to candidates pushing deregulation of cryptocurrency and gambling or to promote AI’ (Financial Times, 16 September).
Why, if capitalism is genuinely democratic, do the rich feel the need to pile so much money into political campaigns? If you can’t already guess, a clue is offered by a well-known 2014 US study that looked at 1,779 policy issues between 1981 and 2002, and compared what people wanted versus what decisions were actually taken. It concluded that the preferences of the poor and middle-income majority had a ‘miniscule, near-zero, statistically non-significant impact on public policy’, while the views of the top 10 percent virtually dominated (Princeton PDF).
That this feels intuitively true is probably why so many people don’t bother to vote in elections. They may also consider that any system where your total say consists of writing one ‘X’ every five years is not really a democracy in the first place. But a flawed electoral system is better than no system at all – just ask people in China or North Korea. We continue to contest elections because they are a legitimate way for workers to express their opinions, and because no amount of mega-donor moolah is going to stop the landslide that will swallow capitalism once the world’s majority finally decide they’ve had enough of the 1 percent and their bullshit.