http://www.amazon.com/gp/product/0393324...ks&v=glance
In "The Future of Freedom" Fareed Zarkaria makes an impressive arguement that we currently don't have political parties anyway. There are no party bosses, no party structure or organization. Funding is primarily done by the candidate, as is his choice of what issues to support.
This can best be seen in the rise of wealthy and famous candidates that run personality centered campaigns. We elect people, not policies. Even our news coverage revolves
around personalities such as Bill O'Rielly or Lou Dobbs.
Five years ago the republican party stood for fiscal responsibility, humble (almost isolationist) foriegn policy, non-interference of government in business, and much else. The power of George Bush's personality alone almost completely transformed the party on almost any issue. Dems have also completely shifted thier posistions if for no other reason then to oppose Bush.
We currently live in a cult of personality society. It can be seen throughout our culture and is becomming the overwhelming factor in our politics. Anyone with charisma (Reagen, Clinton) and a modest amound of starting capital (Howard Dean) can run and get elected for president. There is no party meeting about them, there is no approval process. Parties are adaptable shells that latch onto a candidate and are morphed by him.
So do we have a two party system? Not really. A libraterian could run as a republican and simply change the parties policies to reflect thier own, the party would adapt. Running with a R or D next to your name is instant credibility and nothing more.