Physiocracy emerged as a response to Mercantilism in 18th century France, with Francois Quesnay as a key figure. The basic principles of Physiocracy include the belief in natural order, advocacy of laissez-faire, emphasis on agriculture as the only productive occupation, support for private property

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Physiocracy emerged in 18th century France as a response to the shortcomings of Mercantilism, focusing on agricultural prosperity and natural economic principles. Led by prominent thinkers like Francois Quesnay and Turgot, physiocrats challenged the prevailing economic system, influenced Adam Smith,

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