Definition of: physiocracy

(fiz′ē·ok′rə·sē) noun
The doctrine of François Quesnay, who taught that society should be governed by a natural order inherent in itself, that land and its unmanufactured products are the only true wealth, the precious metals being a false standard, that the proper source of state revenue is direct taxation of land; and maintained the right of freedom of trade, person, opinion, and property. [<F physiocratie]
—phys′i·o·crat′ (-ə·krat′) noun
—phys′i·o·crat′ic adjective