Autarky


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Autarky

Absence of a cross-border trade in models of international trade.

Autarky

Economic self-sufficiency. That is, a country has autarky when it does not need to engage in any sort of international trade. Rather, it produces all of its goods and services within the country. Autarky is rare in the modern world, but some examples include Cambodia under the Khmer Rouge and India prior to 1991. Most analysts see autarky as economically inefficient, though some governments pursue the policy to encourage local industry or more rarely to keep their people from perceived threatening influences. See also: Import Substitution, Embargo, Economic Sanctions, Nonconvertible Currency.
References in periodicals archive ?
Back in 2007, Issa Kalantari, who was agriculture minister under President Khatami, said the Ahmadi-nejad Administration's "obsessive" drive for autarky was self-defeating.
The stark increase in welfare simply reflects the higher growth rate in the new equilibrium compared to autarky (5.
In autarky, depositors do not observe each other's actions.
The table shows that revealing the relative sizes of the PPFs (production possibility frontiers) before the start of the experiment enabled improvement over autarky for most teams.
This line of thought leads to attempts to achieve autarky, economic independence, and self-sufficiency.
Though there exist many differences between the two nations, at the mid-point of the last century leaders in both countries launched their nations on trajectories toward autarky or economic independence and away from financial links with developed nations.
Under autarky conditions, total investment spending must be funded from domestic saving, the residual between domestic output and consumption.
Syria has moved from the stage of import to the stage of autarky and then to the stage of the export.
In combination with photovoltaic cells adjusted to the product, the mobile device can load newspapers and documents via mobile communications system while maintaining near energy autarky, meaning: there is no need for the device to be plugged into an outlet for recharge.
A fear of autarky is keeping the phone lines between world leaders warm, too.
On the other hand, if countries implement a variation of autarky - the notion that a country should be self-sufficient and not engage in international trade - then the results are unfavorable.
I can't resist adding that Trotsky first applied the term "national socialism" to Stalin's program of industrial autarky in 1930.