Political revolutions often bring swift regime change leading to short-run economic change, but the long-term consequences are less clear. Some argue that revolutions pave the way for capitalist market growth, while others argue they are only political in nature with limited economic consequence. This column uses extensive evidence from the French Revolution to show that the effects vary across the country and over time. The analysis speaks to questions of concern to developing countries regarding the relationship between institutional change, inequality, and long-run economic development.
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Economic consequences of revolutions: Evidence from the 1789 French Revolution
Theresa Finley, Assistant Professor of Economics, Sigmund Weis School of Business, Susquehanna University; Raphael Franck, Senior Lecturer at the Department of Economics, Hebrew University of Jerusalem, and Noel Johnson, Associate Professor of Economics, George Mason University
