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 ?
Autarchy took edible form in The (so-called) Battle for Grain, a
The evaluation criteria and methods proposed in this study were based on two variable items: provincial autarchy and central dependency.
If it is absurd to claim that economic disintegration and autarchy desirably promote macrostability because they reduce systemic externalities by delinking economic agents, it is equally senseless to assume that economic integration and an expansion and deepening of financial flows undesirably increase the volatility and fragility of financial markets.
Economic theory shows, since the times of Ricardo, and even before him, that free trade increases economic prosperity while the opposite happens with autarchy.
For KMT's autarchy, see Yun-Han Chu, Oligopoly Economy and Authoritarian Political System, in HSIAO, supra note 56, at 139, 142-45, and The Realignment of Business-Government Relations and Regime Transition in Taiwan, in BUSINESS AND GOVERNMENT IN INDUSTRIALIZING ASIA 113 (Andrew Macintyre ed.
It could be defined better than an integration model, as a catalyst initiative that through the use of a continuous discourse of autarchy, acts as stimulus of ideas and galvanizes other integration initiatives.
Caritas in Veritate alludes to the costs of autarchy and tariff restrictions that doomed Latin American economic development for several decades and, at the same time, notes that fraternity requires protections for displaced domestic workers.
During WWII the war industry-related electricity requirements reinforced the 1930s' new background of trade protectionism and autarchy, whereas the post WWII era marked a step forward in this direction with scores of government-run initiatives (chapter 6).
We know that authors speak for themselves and for the community and that they indicate their autarchy when they speak with the others, the listeners or readers and, through them, with the society of their time" (Bakhtin, 1979, 1982, in Gomez, 2007: 123).
A communist country, China understood that autarchy could not be any more the solution for economic and human growth and development.
No one thought about autarchy and chauvinism when the first components of economic cooperation were laid down, in the direction of integration.
Rapid economic growth fueled by foreign credits gradually gave way to economic autarchy accompanied by wrenching austerity and severe political repression.