A monarchy is a form of government in which the people have no power and the King, Queen, or Emperor has all the power. A monarchy can take many forms such a Constitutional Monarchy where the King, Queen, or Emperor has limited power and the Prime Minister has most of the power like the President in a republic form of government. On the other half a Monarchy in general is usually referring to the leader of the country or empire having all of the power or unlimited power like a dictator.