I’m not quite sure what the other scenario is, but if there were no caucuses, in Mpls via RCV the only participation would be “all eligible voters participate in the general election.” We still have that now! The only difference is a party does its business among its members openly.
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IMO the real issue is candidates not abiding the endorsement if they don't get it. I wish the DFL would have some sort of penalty for this. Wastes everyone's time and confers advantage to candidates with money.