Final answer:
Third parties are significant in disputes because they raise ignored issues, act as a safety valve in political systems, and keep major parties accountable. They can also alter election outcomes by drawing votes and paralleling organizations like the WTO in providing neutral dispute settlement, ensuring the rule of law and predictability.
Step-by-step explanation:
The significance of a third party in settling disputes is multifaceted. By their very nature, third parties have raised critical issues that were previously ignored and represented groups in society that lacked a voice. They have been instrumental in ensuring that major parties address these concerns, effectively keeping them 'on their toes.' In the context of political systems, third parties function as a safety valve, providing an outlet for discontent and alternative viewpoints. This is essential for a vibrant democracy as it promotes a wider spectrum of ideas and may result in political realignments based on those ideas.
Furthermore, third parties have the potential to act as 'spoilers' in elections, drawing votes away from major parties, which can alter electoral outcomes. Such an impact was observed in the 2000 Bush v. Gore election. From a global perspective, the role of third parties can be paralleled with institutions like the WTO, which manage dispute settlements on an international scale, emphasizing the significance of neutral parties in upholding the rule of law and providing predictability in complex systems.