I’ve heard compelling arguments explaining that monarchies are more effective. They’re not ideal, but at least with a monarch they need to try and keep the people happy so that their progeny can continue ruling under the same people. With our democracy/republic, the president is incentivized to milk the people as much as possible during his term because the next guy will have to deal with the problems. And the people hold the illusion that the next guy they vote for will fix the problem.