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 ?
A first finding indicates that intermediate equilibria between free trade and autarky need not exist for low-dimensional commodity spaces, even under standard assumptions that guarantee competitive equilibria within each group of the economy.
existed before euro inception, so we also assume financial autarky for Asia and the U.S.
Formally, the agent's problem in autarky can be written recursively as
These countries might have switched over from an autarky cycle of consumption driven development to a virtuous cycle induced by investment during the period of transition while growing economies have stuck to an autarky cycle.
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.
Definition 1: An equilibrium under autarky is a triplet {A*, r, P} that solves the system of equations comprising of the optimal occupational condition (3), the financial market clearing condition (4) and the goods market clearing condition (5).
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.
"Valorizing" an occupied economy involved several goals including autarky, industrial and agricultural development, achieving a positive trade balance, and raising local output and purchasing power.
Based on the extensive use of fanompoana, forced corvee labor, autarky allowed the Merina to embark on a unique "experiment" in industrialization in which prominent state involvement promoted large-scale and machine-based production.
Finally, the autarky equilibrium is completed by expressing the utility function of the average consumer in terms of the parameters of the model, and analysing the impacts that changes in the parameters of the model have on key variables.