The significance of public financing in political campaigns lies in its potential to promote equity and reduce the influence of big donors. Public financing allows candidates to rely less on private donations, thus democratizing the campaign process. This system can encourage more diverse candidates to run for office, as financial barriers are lowered. It also enhances transparency and accountability, allowing voters to see how funds are spent. Ultimately, public financing contributes to a more competitive electoral landscape and may lead to policy priorities that reflect the broader public interest rather than special interests.