Rachel S. answered 10/22/19
English Teacher Specializing in Writing, Reading, and Social Sciences
Third parties in the U.S. political system are rare, and have never truly succeeded because of the structure of the political system. Given that the system only allows for the election of a single delegate from each district to the house of representatives, and that the electoral college limits the effectiveness of third-party votes, people are prone to vote for the binary party (democratic/republican) that is most aligned with their values, although they may not agree with the candidate or precise issues. The obstacle of single-representative districts to third party development is called Duverger's Law. Additionally, since federal funding for presidential campaigning is not granted if a party receives less than 5% of the vote in the preceding national election, it is difficult for smaller parties to financially compete with the major parties in the presidential bid, which is, of course, the election that receives the most attention (It is worth noting, though, that the major parties rarely take federal campaign funding because it limits fundraising-- with the large base of established parties, it is advantageous to fundraise instead of opt for federal funding because such funding comes with certain stipulations that limit spending).
However, third parties occasionally arise and exert some pressure on the system. Most notably, Ross Perot did exceedingly well in the 1992 elections. Today, third parties from all over the spectrum compete in elections, the largest of them being the Green Party and the Libertarian party. With these there is generally a spattering of various ultra-conservative or socialist parties like American Freedom Party (White nationalist) and Party for Socialism and Liberation. More niche parties often arise to address single issues that are usually more fad than lasting political ideology. Some of those that stick out include the American Nazi Party (1959), Prohibition Party, Rent Is Too Damn High Party, Humane Party, United States Marijuana Party, Alaska Independence Party, and United States Pirate Party. It is reasonable to predict that in the next election, we will see third-parties addressing the issue of climate change as a continuation of popular Fridays for the Future and Extinction Rebellion movements.
Broader third parties like the Green and Libertarian parties usually collect votes from voters who feel they fall in-between the major parties or who are dissatisfied with the candidates put forward by the major parties. More niche parties gain votes from single-issue voters, that is voters that see the election as an opportunity to push for the one issue they really care about. If I am staunchly vegan, I may see my vote for the Humane party as an opportunity to bring issues of animal welfare to the forefront through my vote for the party. Of course, we also see single issue voters in major parties, who decide their vote based on the party that is most likely to push their position and be successful. If I am pro-life, and I care very deeply about the issue, I will likely vote for the Republican party as it has historically taken the most action on the issue. The difference between a vegan voter and a pro-life voter is representation-- as one issue is heavily politicized and the other is seen as a marginal issue to most voters.
Hope this answers your question!
Duverger's Law: https://www.oxfordreference.com/view/10.1093/oi/authority.20110803095737871
Read more about presidential election funding for minor parties here: https://www.fec.gov/introduction-campaign-finance/understanding-ways-support-federal-candidates/presidential-elections/public-funding-presidential-elections/
Read about Ross Perot's showing in 1992 on the NYT Archive: https://www.fec.gov/introduction-campaign-finance/understanding-ways-support-federal-candidates/presidential-elections/public-funding-presidential-elections/
Read more about some of the listed third parties: http://american3rdposition.com, https://www.pslweb.org, https://www.prohibitionparty.org, https://www.rentistoodamnhigh.org/index.html, https://humaneparty.org, https://usmjparty.com, http://www.akip.org, https://blog.pirate-party.us