We don't have a whole lot of info so far on how exactly they will work, we just basically know that those are the 3 governments available.
BTW, would you really say capitalism began with American Independance? Does all the colonial imperialism and resulting trade not count as capitalism? Or would that technically merchantilism?
Regardless, Communism and Democracy are both pretty much out the scope of ETW, considering it ends in 1820. Also there would be no need to separate between Monarchy and Imperial Colonialism. I wouldn't say capitalism is a government in itself, it pretty much ties in with all the rest.
I think CA's system will pretty much represent accurately the states of Europe. Where it may break down is with the colonies and border regions.
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