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 ?
The growth rates are just as defined in the case of an autarkic country with an evolving economic structure.
Keynes's views varied from Leonard Woolf's, who believed that because free trade, and the specialization it entailed, made nations highly interdependent, it could be used to thwart the dangers of national sovereignty, making "the economically autarkic sovereign independent state an anachronism and an impossibility"; such free trade would have to be co-operative, not competitive, as it had been in the nineteenth century ("De Profundis" 469).
c) the third principle is the principle of international cooperation of states in the field of minority rights; he postulates a firm accession of all countries of the world to a set of general principles recognized, corresponding to a certain standard recognized worldwide, excluding the plano those autarkic or exclusive positions, "the rejection" of any concerns from the international community about the situation of minorities.
But the United Nations was established to meet challenges that were once so overwhelming that some only saw solutions in autarkic, protectionist or inward-looking economic responses, or in war and destruction.
In China, the results were similar, as the political embrace of Communism meant going autarkic and giving the state a massive role in the economy.
The autarkic development model adopted draws on structuralist macroeconomic policies, which set a lower priority on fiscal and current account prudence than do orthodox policies (AUTY, 1995).
Moreover, and critically, I read the Catauro as a vernacular manifestation of the metaphoric oscillation between protocubano as an isolated isleno standing belligerently behind autarkic frontiers, or as an archipelagic island-hopper with his mouth full of foreign tastes and taxonomies.
A firm (which those authors interpret to be a bank) can improve on autarkic production by pooling its investors' risks of idiosyncratic shocks to their respective preferences.
As Reagin demonstrates, the regime hitched the housewife to its autarkic economic program to cut back on imported materials and private consumption in order to finance arms production.
This is still evident today in the familial and other connections between Zanzibar and the Omani and Hadhramawti coasts, which are being reinvigorated following the Zanzibar Revolution of 1964 and the failure of its autarkic socialist model in the 1980s.
Now we know that, other things equal, autarkic economies with healthier financial systems are more likely to have higher interest rates and higher primary commodity prices.
Similarly, the reforms launched by Deng Xiaoping in the late 1970s transformed China from an autarkic economic backwater to the economic powerhouse it has become today.