What is the most widely accepted theory for the existence of the American two-party system?

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The institutional theory is the most widely accepted theory for the existence of the American two-party system. This theory suggests that the winner-takes-all system and the Electoral College both contribute to the maintenance of a two-party system. Additionally, laws and regulations in many states make it difficult for third party candidates to get on the ballot and gain widespread support.

What Is the Most Widely Accepted Theory for the Existence