Which French group is known for early advocacy of laissez-faire economics?

• A. Mercantilists
• B. Physiocrats
• C. Classical Economists
• D. Reformists

Answer: (B)

Laissez-faire thinking centers on the idea that the economy works best when the government interferes as little as possible and market forces guide production and trade. The Physiocrats, a French group from the 18th century, were the earliest to articulate this view. They believed wealth stems from productive land and that natural economic laws operate without heavy government control. They advocated minimizing state intervention, keeping taxes simple, and allowing free trade, so natural order could unfold. This emphasis on limited government involvement and free exchange is what makes them the earliest advocates of laissez-faire. Mercantilists favored strong government intervention and protectionism, Classical Economists later championed free markets but after the Physiocrats, and Reformists are not the primary group associated with this early laissez-faire stance.