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https://slatestarcodex.com/2020/06/17/slightly-skew-systems-of-government/

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I.

Clamzoria is an acausal democracy.

The problem with democracy is that elections happen before the winning candidate takes office. If somebody\u2019s never been President, how are you supposed to judge how good a President they\u2019d be? Clamzoria realized this was dumb, and moved elections to the last day of an official\u2019s term.

When the outgoing President left office, the country would hold an election. It was run by approval voting: you could either approve or disapprove of the candidate who had just held power. The results were tabulated, announced, and then nobody ever thought about them again.

Clamzoria chose its officials through a prediction market. The Central Bank released bonds for each candidate, which paid out X dollars at term\u2019s end, where X was the percent of voters who voted Approve. Traders could provisionally buy and sell these bonds. On the first day of the term, whichever candidate\u2019s bonds were trading at the highest value was inaugurated as the new President; everyone else\u2019s bonds were retroactively cancelled and their traders refunded. The President would spend a term in office, the election would be held, and the bondholders would be reimbursed the appropriate amount.