Changing the EC will not improve things that much. But ranked ballots will. I would concur that a ranked ballot would create a better democracy for the USA. It will allow for third parties to get some traction for their ideas--and not be sidelined because of strategic voting.
I believe the D's and R's have had a tacit understanding for the last 100 years: "If we can govern 50% of the time, you can govern 50% of the time. But let's agree not to let any new political movements in." Today, the R's are going for 100%.
But I'm looking beyond western democracy, especially the American version.