MONEY TALKS, if we are to believe the action of businessmen and developers in Anne Arundel County recently. Having failed to contribute to County Executive Janet S. Owens' campaign last year, many who lavished money on her opponent are now busily writing her generous checks.

The smooth switch of allegiance is easy to explain. People whose livelihoods rely on approval from government, such as developers, and those who do large amounts of work for local government, such as road surfacing or engineering companies, believe that campaign contributions are the only means to gain access to an elected official and, by extension, a crack at county contracts. In their eyes, political donations are merely a necessary cost of doing business.

Their other motivation is fear. By giving post-election contributions, they hope to take the sting out of the fact they may have given money to the opposing side before the election.

Incumbents at all levels have long had the upper hand in raising money. Many contributors like to bet on a sure thing. That's why then-Executive John G. Gary, a Republican, last fall was able to raise $729,727 to $250,712 for Democrat Ms. Owens, which included a $48,500 loan from her husband.

After her victory, the tables have turned in Ms. Owens' favor. Her cocktail party fund-raiser two weeks after the election raised enough to retire most of her debt.

Should she hold another fund-raiser this year to begin a war chest for 2002, she'll have plenty of eager business people buying tickets.

Too many candidates believe they have to raise bundles of money to win. Too many contributors believe their gift buys them a favor down the road.

Last we looked, voters still decide elections. And, the best-financed campaign cannot beat a candidate whose message resonates with voters, as Mr. Gary harshly discovered.