The Rise of Physiocracy in 18th Century France
Physiocracy
:
•
Physiocracy evolved as a revolt against
Mercantalism in France during the 18
th
century.
•
The publications of the physiocrats
covered a period from 1756 to 1778.
•
Though the physiocrats wrote only for a
relatively short period, their ideas had a
profound influence on the economic
thought.
•
Physiocrats are regarded as the founders
of the science of political economy.
•
Infact, Adam Smith was greatly influenced
by the economic ideas of physiocrats.
•
Francois Quesnay
((1694-1774) and Turgot
(1727-1781) were the main proponents of
physiocracy.
•
The term “physiocracy” means “Rule of
Nature.”
Factors that gave rise to Physiocracy
:
•
Firstly
, physiocracy was essentially a revolt
of the French against Mercantalism.
•
Under Colbert, the famous Finance
Minister off France, mercantalism was
carried to an extreme degree.
•
This resulted in the neglect of agriculture
and a lot of governmental regulations of
industry.
•
Secondly
, the tax system of France at that
time was corrupt, inefficient and unjust.
•
The burden of taxation was heavy on the
poor while the nobles and the clergy were
exempted from direct taxation.
•
The poor were affected by taxes such as
the salt tax, the poll tax and by duties on
goods passing from one province to
another.
•
Thirdly
, the finances of the French
Government were in a bad shape.
•
The unnecessary wars and the luxurious
life at court made the government
bankrupt.
•
As a result, the government started
borrowing loans under unfavourable
conditions.
•
Fourthly
, the French peasants were
exploited by the nobles and other wealthy
classes.
•
The landowners took a large share of the
agricultural produce.
•
The government also imposed heavy taxes
and restrictions on agricultural
commodities because of mercantalist
policy of being in favour of manufactured
goods.
•
Fifthly
, the economic performances and
prospects of France appeared
unfavourable compared Britain.
•
Britain had already realized that it was a
wrong policy to develop trade and
manufacture at the expense of agriculture.
•
Agricultural revolution stared taking place
in England with emphasis on large scale
farming and scientific techniques of
production.
•
Lastly
, there were other forces at work
too.
•
The political and moral philosophers of
that time underlined the importance of
the individual in their discussions.
•
They emphasized that man must be the
centre of philosophy and politics. And
thus, the forces of liberty were at work.
THANK
YOU
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, and highlighted issues such as taxation injustice, government mismanagement, and exploitation by the elite classes.
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Presentation Transcript
Physiocracy: Physiocracy evolved as a revolt against Mercantalism in France during the 18th century. The publications covered a period from 1756 to 1778. Though the physiocrats wrote only for a relatively short period, their ideas had a profound influence on the economic thought. of the physiocrats
Physiocrats are regarded as the founders of the science of political economy. Infact, Adam Smith was greatly influenced by the economic ideas of physiocrats. Francois Quesnay ((1694-1774) and Turgot (1727-1781) were the main proponents of physiocracy. The term physiocracy means Rule of Nature.
Factors that gave rise to Physiocracy: Firstly, physiocracy was essentially a revolt of the French against Mercantalism. Under Colbert, the Minister off France, mercantalism was carried to an extreme degree. This resulted in the neglect of agriculture and a lot of governmental regulations of industry. famous Finance
Secondly, the tax system of France at that time was corrupt, inefficient and unjust. The burden of taxation was heavy on the poor while the nobles and the clergy were exempted from direct taxation. The poor were affected by taxes such as the salt tax, the poll tax and by duties on goods passing from one province to another.
Thirdly, Government were in a bad shape. The unnecessary wars and the luxurious life at court made bankrupt. As a result, the government started borrowing loans conditions. the finances of the French the government under unfavourable
Fourthly, exploited by the nobles and other wealthy classes. The landowners took a large share of the agricultural produce. The government also imposed heavy taxes and restrictions commodities because policy of being in favour of manufactured goods. the French peasants were on agricultural mercantalist of
Fifthly, the economic performances and prospects of unfavourable compared Britain. Britain had already realized that it was a wrong policy to manufacture at the expense of agriculture. Agricultural revolution stared taking place in England with emphasis on large scale farming and scientific production. France appeared develop trade and techniques of
Lastly, there were other forces at work too. The political and moral philosophers of that time underlined the importance of the individual in their discussions. They emphasized that man must be the centre of philosophy and politics. And thus, the forces of liberty were at work.
THANK YOU
