A Barack Obama thong, a Sarah Palin doll, a Hillary Clinton nutcracker, a Joe Biden yard sign, a Mike Huckerbee nutcracker, a McCainine dog coat. Tomorrow morning they will all be off to the attic. One of the most engrossing election campaigns of modern times ends today. One final burst of political fireworks - a stirring rally, a bring-out-the-vote campaign, a late night concession - and it will be over.

So many elections fail to engage. Candidates talk past each other, mouthing incomprehensible phrases in place of a dialogue - a Pinter play without the pauses. This one has gripped from the beginning, both character and plot holding attention to the end. Is there something that British politicians could learn?

First, this election has been a triumph of personality and will over the party machinery. Consider the progress of Senator John McCain. At 72 years old, broke, at odds with the Republican Establishment for most of his career, he was not given much chance by the few who heard him talk in those early meetings in Iowa. This can be said safely since there were only handfuls in attendance. Yet his inspiring life, his humour and his integrity won through in the end.

So the McCain story alone is a thrilling tale of a fight against the odds. How much more so that of Barack Obama. The grip of the Clintons on the party Establishment seemed secure. They were well organised, but Senator Obama was better organised; they were well financed, but he was better financed; they had a tight emotional grip on Democrats, he succeeded in loosening it with his tongue. Charisma and character fought the Establishment. Charisma and character won.

By allowing diverse opinions to thrive within a single party, by accepting differences between colleagues, and allowing rebellions against orthodoxy, Americans have been provided with a real choice and an exciting contest. Could a similar freedom help to revive British politics?

The second thing this election has shown is the positive power of money. In Britain, party funding is solely the subject of negative comment. And there are indeed problems with raising large sums. It invites involvement from those who contribute for improper reasons.

Yet the money also brings advantages. It allows the campaigns to communicate with the electorate directly, without the media filtering the message. And in this campaign the candidates have used this power creatively. They have raised money from the masses in order to talk to the masses. British politicians can only envy this ability of their American counterparts.

A third feature of the US election that UK politicians should envy is the use of the internet by all the candidates. In particular, the use of social networking tools by the Obama camp to raise money, build audiences and increase turnout has been impressive. As yet, no British party has anything to rival it.

Finally, there is the way that this election has soared. This is a contest that could so easily have featured distasteful hints about race or nasty gibes about age. It could have centred on the outlandish remarks of Obama's pastor the Rev Wright or his occasional meeting with the terrorist William Ayers. Instead Senator McCain has shown admirable restraint, Senator Obama admirable dignity. American elections have sometimes taught lessons only in dirty tricks or hardball campaigning. This time has been different.

This election comes at a moment when so much about America is being questioned - its foreign policy, its market economy, even its place in the world. At times its self-confidence has been sapped by the rise of China, Russia and Gulf states. This election shows that democracy retains its ability to inspire.