If donations are no longer legal, only the wealthy will have enough money to run for office. It would not have the democratizing effect you seem to think it would.
This just isn’t true, and this problem largely already exists in the US.
Many countries use publicly funded elections where all candidates get a set sum from the government to use towards a campaign. This would stop the billions flowing into races and ensure that all candidates have the same campaign budget.
Look at Texas, for example. The annual salary for a state legislator is pitiful (like $10k), which basically prevents anyone who isn’t independently wealthy from running from state office.
Many countries use publicly funded elections where all candidates get a set sum from the government to use towards a campaign. This would stop the billions flowing into races and ensure that all candidates have the same campaign budget.
Look at Texas, for example. The annual salary for a state legislator is pitiful (like $10k), which basically prevents anyone who isn’t independently wealthy from running from state office.