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’s never been President, how are you supposed to judge how good a President they’d be? Clamzoria realized this was dumb, and moved elections to the last day of an official’s 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’s 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’s bonds were trading at the highest value was inaugurated as the new President; everyone else’s 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.