Ciara Torres-Spelliscy, "Corporatocracy: How to Protect Democracy from Dark Money and Corrupt Politicians" (NYU Press, 2024)

New Books in Finance

What threatens American democracy and the rule of law? In her new book, Corporatocracy: How to Protect Democracy from Dark Money and Corrupt Politicians (NYU Press, 2024),

legal scholar and campaign spending expert Ciara Torres-Spelliscy argues that the USA’s privately-funded campaign finance system – combined with corporate greed and antidemocratic strains in the modern Republican Party – endangers American democracy. As she sees it, unseen political actors and untraceable dark money influence our elections, while anti-democratic rhetoric threatens a tilt towards authoritarianism.

Drawing on key Supreme Court cases such as Citizens United, Professor Torres-Spelliscy explores how corporations have undermined democratic norms, practices, and laws. From bankrolling regressive politicians to funding ghost candidates with dark money, the book exposes how corporations subvert the will of the American people – yet courts struggle to hold corporate interests and corrupt politicians accountable. If American democracy is going to survive in the long term, then the deep pockets of the largest corporations cannot be allowed to join focus with the anti-democratic fringe. Professor Torres-Spelliscy fears a repeat of the January 6th insurrection – but with expansive corporate sponsorship.

Professor Torres Spelliscy outlines the ways in which Corporate forces might be held accountable by the courts, their shareholders, and citizens themselves. Along with other reforms, she proposes a democracy litmus test that requires loyalty to democracy in politics and the economy.

The end of the podcast features her insights on how oil interests crypto “techno bros” have invested in the outcome of the November 2024 election.

Ciara Torres-Spelliscy is a Professor of Law at Stetson Law. She is also a Brennan Center Fellow at NYU Law School who has testified before Congress as an expert on campaign finance and has helped draft Supreme Court briefs. Previously, she authored Corporate Citizen (Carolina 2016) and Political Brands (Elgar 2019). She has recently written about public financing and the Eric Adams indictments and crypto spending in the 2024 election.

Mentioned in the podcast:

• Judd Legum's work on corporate PACs in his Substack, Popular Information
• Photo with Barack Obama for which Jho Low paid $20 million can be seen here
• Example of 2022 media attempts to identify “sedition caucus” and election deniers for voters

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