Republic of Ragusa(Dubrovačka Republika) was nation located in Dubrovnik, Dalmatia, on territory of today’s Croatia, Republic of Ragusa was an aristocratic republic, which is monarchy but only people who can vote and have political life were aristocrats, group of rich, smart people who were usually philosophers. Well, aristocratic republics were actually crowned republics, because they had their own monarch, usually doge.
Aristocratic republics had a lot of money, they usually focused on history, science, knowledge and education rather than developing its self in construction of buildings and technology.
Aristocratic republics are also very, very liberal. There was no democracy, in a form on voting and people deciding what to do, as Principality of Ermenstein judges’ democracy.
For a difference of monarchy, aristocratic republics were smaller and legislature was full of philosophers and smart people, monarchy is basically full of rich people, except for aristocratic monarchies.
Difference between Monarchy and Republic is that- in republic, all decisions come into public, monarchies don’t do it.