Huh, I'm surprised I hadn't run into this before.  Though perhaps Billy 
mentioned it...

http://en.wikipedia.org/wiki/Polyarchy 

I actually rather like the idea of government by "competing elites".  The 
reality is that most of the time most people don't care about governance 
issues.  They just want enough factions fighting it out so that narrow 
self-interest gets cancelled out.

The challenge, of course, is to keep it from degenerating into collusive 
Corporatism...

http://en.wikipedia.org/wiki/Charles_E._Lindblom

Together with his friend, colleague and fellow Yale professor Robert A. Dahl, 
Lindblom was a champion of the Polyarchy (orPluralistic) view of political 
elites and governance in the late 1950s and early 1960s. According to this 
view, no single, monolithicelite controls government and society, but rather a 
series of specialized elites compete and bargain with one another for control. 
It is this peaceful competition and compromise between elites in politics and 
the marketplace that drives free-market democracy and allows it to thrive.
However, Lindblom soon began to see the shortcomings of Polyarchy with regards 
to democratic governance. When certain groups of elites gain crucial 
advantages, become too successful and begin to collude with one another instead 
of compete, Polyarchy can easily turn into Corporatism.


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