Based on what I have seen, this usually comes down to the idea that, since libertarians think anyone should have the freedom to do whatever they want, it is absurd to say they do not have the right to choose their head of state. I must confess, that sort of “logic” never made sense to me. I thought libertarianism was about having the right to make decisions for yourself, not for other people. That is what democracy is all about; 51% of the herd making decisions for the other 49%. Voting on the head of state is making a choice that will affect not only you but others as well. At the very least, you are telling two men what they will be doing with the next four years of their life (or however long the term of office may be). I thought libertarianism was about the freedom to make choices that affect you and not making choices that will affect others. In fact, the “logic” of making the top job determined by democracy always seemed to me to go against the core principles of libertarianism. If anything, it seems the exact opposite of what libertarianism should be all about. If one of the core, fundamental principles of libertarianism is that an individual is superior to a collective, I fail to see how there is anything libertarian about letting individuals decide everything and yet when it comes to deciding who should hold the position of head of state still insisting that that decision must be left up to the collective.
Libertarians also heavily emphasize the right to private property and certainly there should be no room for debate that democracy is more detrimental to private property than monarchy. Since the days of ancient Greece it has been known that democracies fail once people discover that they can vote themselves the property of others. The takers drain the producers dry and society collapses as a result and this always happens because, whether it is a direct democracy or a representative democracy, politicians learn just as quickly that the way to attain and hold on to power is to take from the minority and give to the majority. No one ever voted against a politician who promised them more free stuff. On the other hand, while nothing is absolute, a monarch is in an inherently superior position to safeguard private property even if only for his own sake. As King Charles I said in his final statement at his trial, in defending his own rights, he was defending the right of every subject to that which was legitimately his own. If the majority is allowed to take from the minority, what would stop them from taking from the monarch as well? He is, after all, the ultimate minority as there is only one monarch. Nothing, so the monarch would wish to prevent that from ever happening.
Today, there is no country that could be considered a libertarian paradise. Many countries are moving or have moved in a more libertarian direction on social issues (legalizing prostitution, drug use, homosexuality, gambling and abortion) but very few have moved consistently in a libertarian direction on the economic front but have, on the contrary, clung to the ideas of mixed economies or socialist economies with central planning, state redistribution of wealth, high taxes and large amounts of regulation. Yet, on the economic front, none can dispute the success of such monarchial micro-states as Monaco and Liechtenstein or autonomous dependencies of monarchies such as the Cayman Islands or the Isle of Man. These countries have very low taxation, very low regulation and all the ensuing economic freedom has made them fabulously wealthy places. They also have a monarch who rules them directly or a representative of a monarch to treat them with benign neglect (and don’t knock it, Hong Kong became the envy of Eternal Asia through benign neglect). In the case of Liechtenstein and (possibly more so) Monaco, being the Sovereign Prince has often been compared with being the owner of a large company. Such companies must be well administered as they are both very prosperous and have populations that certainly do not feel oppressed, who are pleased to be able to keep the fruit of their labors and who overwhelmingly support their monarchies and are not dissatisfied with the amount of power held by their prince.