When Prince Harry married American actress Meghan Markle last year, their wedding was lauded for bringing modernism to that most traditional of institutions, the British monarchy. Their first child, a son, was born Monday morning, and the world’s eyes are once again on the couple and how their approach to parenting might buck conventionality for the British royal family.
The birth of their baby also makes it a good time to examine the overall state of the modern monarchy, says Wharton management professor Mauro Guillen, who has conducted research on this form of government and how the economies of countries that employ it stack up against those without monarchies.
