Part of the reason money has such a big influence on elections is that first-past-the-post election system you have over there in the US. When voters have to make a binary choice between two participants, low-information campaigns like hit-pieces are able to make a big difference and are cheap to communicate en-masse. When voters have a actual choice between four parties on the left and four parties on the right, hit-pieces will only make a voter switch from, say, one left-wing party to another. So since the return-on-investment on political advertising is much lower, much less money will be spent on it and there will be less of it. And what will be there will be of higher quality.