Physiocracy

Physiocracy is an economic theory that originated in 18th-century France, emphasizing that the wealth of nations primarily comes from natural resources and agricultural production. It argues that agriculture is the true source of a nation’s prosperity, and that economic policies should focus on allowing farming to flourish. Physiocrats believed that land and its productivity are the foundation of economic value, and they promoted minimal government intervention, advocating free trade and free markets. This approach laid the groundwork for modern economic thought by recognizing the importance of natural resources and market-driven growth.