It's not so much about reconciliation as it is about a least-worst scenario, mostly due to time preference. In a democracy the primary focus of politicians is to be re-elected so they'll focus on short-term results. Furthermore, since the state belongs to no one its focus will be on maximizing income during a short period of time. In a monarchy this isn't the case: monarchists can have a longer window to build long-term goals and the focus will be on maximizing assets.

Ultimately I think it's more an idealistic viewpoint than an empirical one, but it raises some important issues.