Democratization and the threat of revolution

Toke S. Aidt and Raphaël Franck

Chapter 31 in Elgar Encyclopedia of Public Choice, 2025, pp 212-219 from Edward Elgar Publishing

Abstract: This chapter examines the threat of revolution theory, which argues that elites extend voting rights under the pressure of potential uprisings. Democratization occurs when elites face a credible threat of revolution from disenfranchised groups, often during economic or social crises. To avoid violent overthrows, elites implement power-sharing reforms. The chapter reviews empirical evidence, including stock market reactions, comparative studies, and micro-historical approaches. While stock market results are mixed, many studies link suffrage reforms to high levels of social unrest. The micro-historical approach is highlighted for its effectiveness in analyzing democratization in specific contexts.

Keywords: Threat of revolution; Democratization; Suffrage reform; Social unrest; Elite concessions (search for similar items in EconPapers)
Date: 2025
ISBN: 9781802207743
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