The significance of checks and balances in a political system lies in their ability to prevent the abuse of power by ensuring no single branch of government becomes too dominant. This system encourages cooperation and accountability among the legislative, executive, and judicial branches. By allowing each branch to monitor and restrain the others, checks and balances promote democratic governance and protect individual rights. This framework helps maintain a healthy political environment, where policies are debated and scrutinized, ultimately leading to more balanced and fair decision-making processes in the government.