Beyond Biden vs. Trump
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The Evolution of the Two-Party System
We have an electoral system, a single winner, elections that renders third parties as spoilers and wasted votes. So all of the energy concentrates into the top two parties in a single winner system. Third parties become fringe parties, spoiler parties. Occasionally they pop up, but mostly they remain on the margins because the system makes it hard for them to be seen as legitimate winners. The reason that having a winner take all approach incentivizes just two parties is because nobody wants to support a party that can't win.
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