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 ?
Proposition 2 If allocation c is feasible for autarkic production, then there is a technically feasible cooperative production plan with sufficient output per capita to provide every investor with the same level of consumption at both dates, in every state, as c provides.
The taxed country is able to consume more at a lower price than in the autarkic case, while the value of total output rises in Notax.
The other is the autarkic (no trade) steady state, where fiat currency has no value (currency is not held) and the price level grows without bound.
d] to make the best of it in the autarkic appropriative world.
As stockpiles of key materials dwindled and the China conflict dragged on, Japanese officials could not accept an imposed settlement that would deny access to vital resources, force withdrawal from China, and destroy the creation of a self-sustaining autarkic system in which economic well-being and national security were inseparable.
In both a trading and an autarkic world there will be about as many jobs as job seekers.
Higher money growth rates shrink the range of low nominal interest rates for which autarkic saving is optimal, but do not eliminate it.
If Iran is really driven by autarkic motives, it makes little sense to move to nuclear power and more sense to rely on the immense reserves of oil and gas that Iran is sitting on, said the study by the Los Alamos National Laboratory and the Pacific Northwest National Laboratory.
The economically rational stationary bandit has a long time horizon and is, in effect, a 'development planner,' whose 'best' strategy is to aim for rapid industrialisation, high investment rates, and an autarkic economy.
To avoid punishment, we assume that a dissembling type 1 agent absconds with his loan, becoming autarkic and financing old-age consumption by storing the proceeds of his borrowing.
The international division of labour in 1990 was certainly an unnatural one because half of the world's workforce had been kept out of it by the SIC's autarkic policies.
For example, Hoxby (1997b) models integration as the opening of trade among autarkic colleges of varying quality; trade is found to reduce the monopsony power of universities over local consumers and intensify their competition for high-quality students who, because they are both inputs into and consumers of a college education, can improve institutional quality.