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republic (from Latin: res publica) is a form of government or country in which power resides in elected individuals representing the citizen body and government leaders exercise power according to the rule of law. In modern times, the definition of a republic is commonly limited to a government which excludes a monarch. Currently, 147 of the world's 206 sovereign states use the word "republic" as part of their official names.

source: https://en.wikipedia.org/wiki/Republic