This series of pages explains why two-way races produce the best results for people. Its conclusion was devastating to me when I had to admit that it was right.
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For all its problems, the two-party democracy does a good job of producing and selecting candidates that represent an acceptable compromise between a wide spectrum of opinions. If the process is working well, then by the time of the election many voters may feel that they have very little real choice. This may seem like a failure, but actually it is a sign of success. It means that the system has produced candidates that represent the most acceptable compromise of the conflicting opinions of the voters.
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