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 ?
financial integration and the trade developments of EMU vis-a-vis non-EMU countries as clearly as possible, the optimization problems of (younger) households and firms as well as the market clearing conditions are now described separately for the cases of financial autarky and intra-EMU, Asian and U.
Definition 1 Consider a risk-averse agent with autarky value [OMEGA](a), as defined in (1), and bargaining power [theta] [member of](0,1) contracting with a risk-neutral insurer.
In Figure 1, following Krugman (2000), we depict the trading and Equivalent Autarky Equilibria.
Inspired by Samuelson's multiplier-accelerator, an empirical analysis was conducted to elucidate a mechanism to switch from an autarky cycle and to an investment-inducing virtuous cycle.
Table 1 presents a comparison of the success of teams in improving over autarky.
This novel reading prompts scholars to look closer at how ideas and actors, not factor endowments (land, labor or capital) or structures, set countries on one of the three mutually exclusive international trajectories: membership in western international institutions, regionalism, or autarky.
Syria has moved from the stage of import to the stage of autarky and then to the stage of the export.
In order to derive the equilibrium under autarky, we need to know how agents make their occupational choice decisions.
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.
AUTARKY AUTOMATION has launched a new slat-band chain conveyor that claims to cut installation and maintenance costs.
For the Frenchman marooned in a decadent Rome, poetry was a mixture of caustic and balm, thus never promoting ataraxia, emotional autarky.