US presidential elections are winner-take-all. The game theoretic equilibrium of that kind of repeated game is a stable two-party situation.
I kinda like two party system. Here, it's quite messy. We have so many parties. In India, there are at least a hundred parties. The voters get confused, like everyone has a leader. There's no clear way to look at politics.
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I think the issue with the two-party system is that it's very easy for powerful lobbies to capture them.
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