CCC comments on Voting is like donating thousands of dollars to charity - Less Wrong
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Thinking about it, I think that the main effect of the electoral college is to amplify the two-party-ism of the first-past-the-post voting system (by making it that a person with less than 50% of the votes can beat a person with more than 50% of the votes).
I also think that, from the outside, removing the electoral college looks like an easier fix than changing the first-past-the-post nature of the vote.