Interestingly, though, since the late 80s, this relationship has broken up and vanished. According to the results, in modern, industrial societies, there is no longer any palpable link between spending cuts and rioting.
In fact there is a correlation in the opposite direction, though it is not statistically significant. Here is much more, about the study which everyone is citing. It doesn’t show what people are saying it shows, unless they see today as like 1926. Arguably the democratization of Eastern Europe is a key factor in changing the results.