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Explain the main theories of political power, including majoritarianism, pluralism, and elitism. Which of these three major theories provides the best...

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Majoritarianism argues that the majority rules.  This theory says that policy in a given area will reflect the desires of the majority of the people in a given polity.

Pluralism argues that policy is made by negotiations between various interest groups that care about a policy.  These groups will get involved in the policy process and the outcomes will reflect the bargains that they make.

Elitism argues that policy is made by elites.  This theory says that policy in a given area will reflect the desires of the powerful elites.

I would say that America's politics can resemble all of these, depending on the policy in question.  Something like abortion (easy to understand) tends to be majoritarian.  Most policies tend to be pluralist because not very many people care enough or know enough to get involved.  Very few policy areas fall under elitism, in my opinion.  This is because there are broad-based interest groups that care about almost every aspect of US policy.

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