camberiu
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Monarchy would have no legitimacy here. On a constitutional monarchy, the crown is above all a symbol of the national identity, ideals and aspirations. The people at some point need to be emotionally invested on the figure of the king and what it represents for it to work. Argentina and all of LATAM (except Brazil) never had such experience. They never had their own king. The only king they ever experienced was the colonial type, who sat far away, issued decrees and looked down on their subjects from overseas and those types usually doesn't get to be very popular.