Maybe Business Doesn't Spend on Campaigns for the Same Reason Opponents of Prohibition Don't

Eduardo Porter's column notes evidence that individual donors are becoming increasingly important to political campaigns while business donors appear to be less important. The column interprets this to imply a lessening of their political influence, especially over the Republican Party.

There is an alternative explanation. After-tax corporate profits are at their highest level in the post-war period. This suggests that business has collectively been enormously successful in pushing its agenda...