Nick Coghlan added the comment:

I rewrote the relevant section of the module docs (since they were a bit murky 
in other ways as well).

Since I didn't answer the question earlier, the main reason a bare raise is 
permitted is because it's designed to be used to a bare except clause (e.g. 
when rolling back a database transaction as a result of an error). While you 
could achieve the same thing now with "except BaseException", the requirement 
for all exceptions to inherit from BaseException is relatively recent - back in 
the days of string exceptions there was simply no way to catch arbitrary 
exceptions *and* give them a name.

----------
resolution:  -> fixed
stage:  -> committed/rejected
status: open -> closed

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Python tracker <rep...@bugs.python.org>
<http://bugs.python.org/issue15209>
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