Recent research suggests that free markets and economic development contribute to a reduction in interstate conflict. This " capitalist peace " has been seen alternately to complement or to supplant the more well-known democratic peace effect. Here, we compare the behavior of democracies and capitalist dyads in the context of the Interstate Crisis Behavior (ICB) dataset. The ICB data offers a num-ber of advantages in assessing the conflict decisions of national leaders, rather than the accidents of subordinates or others. In par-ticular, we explore as yet untested implications of each perspective, examining the effect of regime type and economic and interest vari-ables on escalation and crisis intensity. Our findings provide new evidence that free markets, economic development, and similar interests account for the special peace in liberal dyads.
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