Live revision! Join us for our free exam revision livestreams Watch now

Topics

Autarky

Autarky is an economic system in which a country or region is self-sufficient and does not engage in international trade. In an autarkic economy, all goods and services are produced within the country and there is little or no reliance on imports or exports. Autarky is often associated with isolationist or protectionist economic policies, and it may be motivated by a desire to reduce reliance on other countries or to protect domestic industries. Autarky can be difficult to sustain in the modern global economy, as it requires a country to produce a wide range of goods and services without the benefit of access to the resources and expertise available in other countries. As a result, autarky is rare in practice and is generally considered to be less efficient and less prosperous than more open economic systems.

© 2002-2024 Tutor2u Limited. Company Reg no: 04489574. VAT reg no 816865400.