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The Collaborative International Dictionary of English v.0.48:

Monarchize \Mon"arch*ize\, v. i. [imp. & p. p. Monarchized; p. pr. & vb. n. Monarchizing.] To play the sovereign; to act the monarch. [R.] --Shak. [1913 Webster]
The Collaborative International Dictionary of English v.0.48:

Monarchize \Mon"arch*ize\, v. t. To rule; to govern. [R.] [1913 Webster]