3.3- Resistance to Reform
Revolutions
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Physiocracy
- Physiocracy is an economic theory between mercantilism and classical liberalism.
- It posits that a nation's wealth is rooted exclusively in land and agricultural labor, not gold or trade balances.
- While prioritizing agriculture, physiocrats also believed in free markets for manufacturing and trade, opposing guilds, internal customs barriers, and indirect taxes.
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