autarky

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autarky

1. (esp of a political unit) a system or policy of economic self-sufficiency aimed at removing the need for imports
2. an economically self-sufficient country

autarky

or

autarchy

the practice or policy of economic self-sufficiency

Autarky

 

self-sufficiency, self-satisfaction; in the economic sense, the creation of a closed, self-sufficient economy in a separate capitalist country, leading to a break in traditional international economic ties.

In a pure form, autarky existed only in precapitalistic formations in a natural economy. Autarky as a policy is in conflict with the demands of the international division of labor. Under imperialism, when all countries are closely connected by a system of international economic relations, there are only tendencies toward autarky, arising as a result of the intensification of the contradictions of capitalism. These tendencies were most powerful during the 1930’s when, as a result of the world economic crisis of 1929–33, a break occurred in the previously existing foreign trade and other economic relationships, and countries conducted a policy of “ruining their neighbor.” In the most aggressive imperialistic countries autarky began to serve the aims of creating a relatively closed economy capable of producing all that was necessary for conducting a war under the conditions of economic blockade. Autarky was the official economic theory of Fascism. After World War II autarkic tendencies—for instance, high obstructive duties—are to some degree inherent in several closed trade economic blocs such as the European Economic Association and the European Association for Free Trade.

V. V. MOTYLEV

References in periodicals archive ?
Such a change in the path of labor leaves the GDP per capita in the closed economy virtually unchanged.
Diamond (1965) established that given dynamic efficiency, overall welfare increases when public debt is decreased in a closed economy.
In a closed economy, most of the studies were for developed countries.
If we imagine for a moment that the Eurozone is indeed a closed economy, it is clear from the above thought experiment that the Eurozone cannot have all countries running budget surplus at the same time, and fiscal austerity in parts of the monetary union will cause contraction in the whole of the monetary union, and the so-called fiscal union will basically involves Germany giving money away to the peripheral countries for free, which they are not going to do.
Libya has the potential to be a major recipient from the Gulf region, given how rich it is and how hungry the country is for capital and investment after being a closed economy for more than 30 years," said Rami Sidani, the head of Middle East and North Africa investments at Schroder Investment Management in Dubai.
The ordinary Hartwick rule gives a sufficient condition for constant consumption in a closed economy with constant population and stationary technology.
Del Valle includes a detailed description of the mission-hacienda -- a closed economy entirely controlled by the Jesuits.
Russia is a closed economy as well as a closed society.
Syria has shed its image as a closed economy and is pushing to attract Gulf investment in the wake of the global financial crisis, Finance Minister Mohammad Al-Hussein has said.
The fiscal multiplier is large in Japan, helped by the fact that it is a relatively closed economy, which limits import leakages.
In the case of closed economy (such as USA or Eurozone; "open economy" and "closed economy" in this case should be understood in the sense of foreign trade share in GDP, not in the sense of protection by customs, quotas, etc.
Korea-watchers believe he would not make major changes in the way the government deals with the rest of the world, which is to say that he would maintain its adherence to juche, or self-reliance, through closed borders and a closed economy, and would continue its nuclear brinkmanship.