Here is another interpretation. Proudhon emphasizes that anarchism, democracy, communism, and monarchy here is theoretical, and real governments are mixed, with elements of all four. The two most common real forms according to Proudhon are “empire” and “constitutional monarchy.” Later he describes them as “autocratic democracy” and “moderated monarchy,” depending on whether the common people or the aristocrats control the government power.
Definitely interesting! I have not yet read that work by Proudhon, and looking at the link it looks quite long, so it may be a while before I can get to it. But I want to read more of his work, for sure.