From Libertarian Wiki

Campaign finance laws are opposed by libertarians as an intrusion on the right to free speech. As with every regulatory system, it is subject to corruption and fails to address the source of the problem.

Criticisms

• Campaign finance laws will never achieve the goal of equalizing citizen influence in the political process.

1. Money is anonymous: There will always be a "loophole", by which the wealthy can direct money to their favored campaigns
2. Limitations are primarily on individual candidates, shifting power into the hands of newspaper publishers and party machines.

Alternatives

• Electoral reforms

1. Instant Runoff Voting will help minimize the "wasted vote syndrome" and allow more candidates to enter the race without first facing a "fundraising primary". Approval voting should have a similar effect. Both systems save taxpayer money by eliminating the two-round primary election system.
2. Single Transferable Vote (Proportional Representation): This avoids the "winner takes all" system which discriminates against candidates who do not have the resources to reach a majority of the population. Small groups of regular citizens could elect a candidate and build name recognition.

• Media reform

1. Develop and support citizen-centered media systems. Internet publishing offers promise, as do alternative newspaper and radio stations.
2. Support low power (pirate) radio stations.