Royalty

The House of Lords used to be a hereditary base for the power of a very small minority. That was clearly wrong. It gradually transformed into an appointed chamber. This is also wrong but curiously less wrong. Now, all parties agree that it ought to be a democratically elected chamber and, within a few years it will be. This is progress and good. Why shouldn't the Head of State also be elected? If the Queen or her son think that they are good enough to do the job, stand for election and let's see who wins.

We've tried it in Poland (first in Europe constitutional monarchy with an elected king). It was kinda OK for over a hundred years and then the nobles started to elect some flashy gits from abroad. I don't need to mention that there was a conflict of interests - especially when members of the parliament could use liberum veto.

http://en.wikipedia.org/wiki/Sejm_of_the_Republic_of_Poland#Sejm_of_the_Kingdom_of_Poland_and_the_Polish-Lithuanian_Commonwealth