What does physiocracy mean?
Physiocracy is an economic theory that emerged in 18th-century France, emphasizing the role of natural resources, particularly agriculture, in generating a nation's wealth. The physiocrats believed that the economy was governed by natural laws and that the government's role should be limited to protecting property rights and collecting taxes. This school of thought was influential in shaping economic thought during the Enlightenment and laid some groundwork for modern classical economics. Physiocracy is characterized by its focus on the natural economy and its skepticism of mercantilist policies. The theory's emphasis on agriculture as the primary source of wealth reflects the economic conditions of 18th-century France.
nounPhysiocracy is an economic theory that emerged in France in the 18th century, which holds that the wealth of a nation is derived from the value of its natural resources, particularly agriculture.
- An economic theory emphasizing natural resources
- A school of thought in economics
"The physiocrats believed that the government's role should be limited to protecting property rights and collecting taxes."
"The physiocrats were influential in shaping economic thought during the Enlightenment."
"Physiocracy emphasized the importance of land and agriculture in generating wealth."
Reviewed by Deb Chak, Editor. AI-assisted content curated by RJS Tech Solutions LLP.
Etymology of physiocracy
The term 'physiocracy' comes from the Greek words 'physio-', meaning 'natural', and 'cracy', meaning 'rule' or 'power'. The term was coined to describe the economic theory developed by a group of French thinkers, including François Quesnay and Anne-Robert-Jacques Turgot, who emphasized the natural and agricultural foundations of a nation's wealth.
Usage notes
The term 'physiocracy' is typically used in academic and historical contexts to refer to this specific economic theory.