Originally posted by Roy
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1) First past the post voting, while not a guarantee of a two-party system, strongly favors it.
2) The Republicans and Democrats are extremely bipartisan in one thing: Making it hard for anyone other than them to have any chance to get elected. This manifests itself in a number of ways. The most obvious are harsh requirements to get someone's name on a ballot (this usually takes the form of requiring a high number of signatures), which can take so much money they don't have anything left to actually campaign with, but there are more subtle things also. For example, the group that controls the presidential debates, the Commission on Presidential Debates, is filled with people with strong connections to the Democratic or Republican parties... and you'd better believe that they make sure to set ostensibly neutral requirements to get into the debates that are clearly designed to prevent third party candidates from getting in.
3) Third party candidates generally don't have policy positions that can appeal to a large enough crowd to get themselves elected. Generally speaking they're more extreme versions of Democrats or Republicans, which isn't too conducive to getting elected. The Libertarian Party is one of the few that isn't, which might explain why they've had the most success, for a certain definition of success. Actually, it's actually downright surprising to me how few of the third parties have any appeal to those who fall into the "economically liberal, socially conservative" category, as that describes a reasonably large percentage of the population and said percentage isn't being served fully by Democrats or Republicans.
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