To assess competing theories of democratization, we analyze British sovereign bond market responses to the 1832, 1867, and 1884 Reform Acts, and to two failed Chartist agitations for reform. Analyses of high-frequency 3 percent consol yield data and were preceded by increases in perceived political risk, comparable to democratizing episodes in other countries. Second, both democratic reform and repression were followed by yield declines. Third, the source of political risk in Britain was both characterization of British democratization as exceptionally risk-free.T he process of democratization in Britain-in particular the franchise expansions legislated in the 1832, 1867, and 1884 Reform Acts-has attracted intensive scholarly attention. 1 One long-standing view, rooted , Vol. 75, No. 1 (March 2015).