Monarchy

The video explains monarchy as a form of government where leadership is often hereditary. It distinguishes between absolute and constitutional monarchies, highlighting the power dynamics and roles within each. Absolute monarchies centralize power with the monarch, often leading to command economies and crony capitalism. In contrast, constitutional monarchies limit the monarch's power, emphasizing democratic principles and often aligning with capitalist or socialist economies.

In what ways do constitutional monarchies operate under democratic principles?

What are the economic characteristics associated with absolute monarchies?