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Under which circumstances may Mexico be a monarchy today?

Mexico has many characteristics that would have allowed the country to be a monarchy. The problem it did not develop such system was because of the lack of recognition of the Cortes to the Treaty of Cordoba. What if Spain recognised in 1822 the independence of Mexico under the condition of the establishment of a Spanish infante on the throne? This, of course, would change the timeline in Spanish history as Don Carlos would be the first option to lead the Mexican nation.

Usually the king or emperor embody better the concept of nation. Which role might a king - seen as the father of the nation - it have played in the century of the rise of nationalism through all Western world? Mexico would have a more defined institutional history from the beginning that wouldn't start with Juárez. Maybe a monarchy could provide some sort of arrangement between conservatives and liberals.

Finally, it is possible that the monarchical cause could prevail in the end and we might have a monarchical Mexico in the XXI century?
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