This is how they do it on the Mars Trilogy after setting up a colony on Mars. Of course the trilogy is entirely fictional, but the idea sounds like it couldn't

This is how they do it on the Mars Trilogy after setting up a colony on Mars. Of course the trilogy is entirely fictional, but the idea sounds like it couldn't be worse than the current situation, where those with narcissistic/psycho/sociopath tendencies winning elections i.e. those who seek power and/or those who have proficient oration abilities, not necessarily those who are most capable.