Provide a detailed, stepwise mechanism for the reaction shown below. 
Definitions:
Landed Gentry
Refers to the class of wealthy landowners in Britain who held significant social status but did not possess titles of nobility.
Republicanism
A political ideology centered around the concept of a republic, where the government is a public matter and the public matters are decided by elected representatives of the population.
Public Life
The aspect of life concerned with public affairs, government, and the communal interests of society, as opposed to private or personal life.
Economic Status
Refers to the financial condition or standing of an individual, group, or area, often evaluated based on income, wealth, and employment.
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