Physiocracy Doctrine, Discussions and Public Finance

Abstract

The idea of ​​Physiocracy emerged in France in the 18th century. In the Physiocracy school led by François Quesnay, they questioned the reasons for the lack of wealth in France that the English had and developed analyses. One of the most important ideas that Physiocracy added to its financial literature was the single tax system. They argued that the agricultural sector was the most productive sector and stated that only that product should be taxed. They put forward the ideas of “let them do it, let them pass” within the scope of discussions on state intervention in the economy. They were also advocates of natural order. Quesnay’s position as the royal physician was influential in the discussions on expansion at state levels. However, Turgot’s position as finance minister ensured his representation within the scope of Physiocracy. Physiocracy benefited the economic and political doctrines that emerged in the years following many financial and economic events. Liberalism, Classical Economics, doctrines within the scope of class interests and doctrines within the scope of free trade are among the thought systems that Physiocracy contributed to.