A Spanish political movement of the 19th century that supported a particular claim to the throne, or more broadly, any reactionary or conservative political ideology.
From 'Carl' (Spanish Carlos) plus '-ism' (English suffix meaning 'doctrine or movement'). Specifically refers to the supporters of Don Carlos of Spain in the 1830s-1870s Carlist Wars, which became a symbol of traditionalist politics.
Carlism is one of history's most persistent political movements—it lasted over 150 years and actually helped shape modern Spain, with Carlist forces remaining active even into the Spanish Civil War of the 1930s!
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