Although the empirical pattern of democratic peace is well-established, debate continues over its theoretical explanation. While theory tends to focus on specific institutional or normative characteristics within regimes, empirical studies often test this indirectly, using aggregate measures of types of political regimes as a whole. The analysis in this paper more directly assesses expectations about core characteristics of regime type for the likelihood of interstate conflict initiation. We advance a theory about political competition which leads to expectations that it, rather than political participation or constraining institutions, is the most important source of the observed democratic peace. Specifically, leaders facing a viable oppo...