This article examines business donations to the Conservative Party during the Thatcher era. It argues that these donations cannot be treated as equivalent to PAC (political action committee) contributions in the United States. On the basis of data collected for the largest 500 British firms, the article argues that beyond market characteristics, it is also important to look at the motivations of businessmen and what the party can do to encourage donations. This represents an alternative explanation to Useem's influential inner circle thesis for why firms contribute to the Conservative Party.
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