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The candidates will still need money to run, and that's when the problem comes in.
I like the idea, but we also need tax payer funded elections as well otherwise it will be the same old, same old.
So I can see a solution where the candidates are chosen in a system similar to the one you posted, then each candidate is given a set budget of tax payer funds that they can spend however they want, but no more money is allowed to enter the election in any form. Then add in term limits and I think we would have the most modern and functional democracy in the world.
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