Democratization and the threat of revolution

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.