The Constitutionalization of Capital: From Austin to Citizens United

The text analyzes the evolution of American constitutional law regarding political financing, focusing on the transition from the Austin doctrine to the Citizens United ruling. The author describes the mechanisms for separating economic capital (general treasury) from political influence, which was intended to prevent the economic power of corporations from dominating the democratic process of aggregating citizens' preferences. A key element is the analysis of the theory of non-convertibility of capitals and the role of separate segregated funds, which were meant to protect the integrity of choice and prevent the forced political expression of market participants. The article illustrates the tension between corporate freedom of speech and the state's aim to protect the electoral system from excessive capital influence.