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When below 50 rep. tradition you get an event, 20 rep. trad. for 1 stability. Take it and enjoy God rulers without random mechanics prevent DOWs
1. Your ruler is based on what YOU want. You get to pick your ruler and don't have some random idiot with 1/1/1.
2. Instead of Legitimacy, you have republican tradition. It doesn't have all the benefits of Legitimacy, but is always positive in effect. You will never get -1 unrest, but rather a positive based on its value.
3. You will never have a regency council. This means you can keep declaring wars and genociding peoples. There is no break.
4. No personal unions. This can either be seen as a pro or a con. A personal union is a good way to expand your nation, but is rare and hard to set up. On the flip side, no one can PU you either.
5. You can trade republican value for more monarch points. Once your election comes on, you have a choice to keep your current ruler at a cost of about 10-15 republican tradition. Because tradition always gives a positive, you can afford to spare some of it for 3 extra monarch points in each category.
6. More government benefits. Unlike other administrations, republics tend to have more benefits. The most common administration is a form of feudal monarchy which gives +10% manpower and +25% vassal income. Republics usually give +10% tax increase, -0.05 autonomy, and other stuff. Milan in particular has a stronger version of the tax bonus. And it's pretty spread out.
7. If you have the Res Publica DLC, your republic gets some addition stuff in the form of guilds. Focus and support one, and you get particular benefits. Balance and you get a small bonus from all. It mostly benefits the Dutch and Polish republic(s), but it does give some value to others.
8. Random events occur to exchange republican tradition for benefits or vice versa. There is one in particular that you can trade 5 tradition for a boost of 10 monarch points in each category. And another that gives you money.
Those are some that I can recall at the moment. Republics are powerful compared to monarchies, but are more diplomatically narrowed. No PU, royal marriage to spread relations with and a sometimes negative relations for being a republic.
I just wish that when you form a new nation as a republic, that you weren't stupidly returned to a crappy monarchy...
If you are a merchant republic, there is an event called "Freetraders winning debates"; if you are below 50 Republican Tradition to trade 2 Republican Tradition for 3 Mercantilism....that fires about once every year or two that you can maintain less than 50 Republican Tradition.
However, also while under 50 Republican Tradition, another event will fire called "Republican Traditions Debated" that will basically make you choose to lose 1 stability to gain 20 Tradition or Lose 20 Tradition to gain 1 Stability. This fires at about the same frequency making it difficult to stay below 50, but not low enough that you are forced to become a monarchy. When I dip below 50 Republican Tradition, I expect to get a few points of Mercantilism and then lose a point of stability which bounces me back up to 55-60 tradition meaning I can basically always infinatly reelect whatever ruler I have. It doesn't always work like that because there are other events that gain or lose Republican Tradition, so I try to stay between 40-50 for the Mercantilism, but not below 40 so I get forced to change to a monarchy.
Easy way to get 100 Mercantilism for the Protected Market achivement.
If your goal is to remain a Republic, never ever allow your Republican Tradition to fall below 40. At 40 and less RT, you will get a random event where your elected leader declares himself a King and you become a monarchy....you have no choice in the matter. So if you are farming for Mercantilism, stay above 40. The lower your RT is below 40, the more likely this event will fire. If your leader dies while your RT is below 20, you automatically become a monarchy
If you like the Royal Marriage / PU part of the game to much to try playing a Republic, try playing a Dutch Republic. To try this you have to form The Netherlands. I prefer Holland, but a lot of people like Gelre or Burgandy too.
Holland starts as a monarchy, and you start under Burgandy as a vassal. France, Austria, Aragon and Venice will almost always Support your Independance on day 1 (Make sure to start a claim on something before you start the war). Form The Netherlands. Around 1581-ish you get an event for form a Dutch Republic which gives you two rulers every election to choose from and you can Royal Marry and have PU's. Its an amazing goverment type.
if you want to make it really OP pick up a maxed RepTrad/year modifier for your traditions/early national ideas.