If the funding of parties and campaigns is a crucial issue for democratic theory and practice, then the spread of State subsidies for parties is, arguably, the most important trend in contemporary political finance. Using a large data set on political financing in more than 40 democracies, the book offers an unprecedented comparative study of the features of party subsidies and their effects on campaign finance practices, party systems and party organisations. The book also provides a detailed empirical account of campaign finance in two of Latin America's most consolidated democracies. Drawing upon extensive archival work and interviews, this work sheds light on largely hidden aspects of politics in the developing world and questions widespread beliefs about political finance, such as the rapid increase of campaign costs and the crucial role of television in this trend.