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Contrary to widespread belief, we find little evidence that high concentrations of income and wealth affect either the emergence of democracy or its demise. We examine global trends between 1980 and 2008, and find that there are multiple routes to democracy. Whether or not democratic transitions come “from below” in the form of protest against perceived social or economic injustice depends on the institutional structure of the old regime and the capacity for collective action. Democratic instability stems less from class conflict than from the inability of weak governments to deliver collective goods.