Autarky is a concept that refers to a state or policy of economic self-sufficiency, where a nation or an individual strives to meet its needs and requirements internally or from within its own resources, without relying on external trade or aid. The term is derived from the Greek word "autarkēs," meaning self-sufficient.
In an autarkic system, the emphasis is on producing all essential goods and services domestically, reducing or eliminating the need for imports. This can be achieved through a variety of means, such as maximizing domestic production, promoting local industries, limiting exports, implementing protectionist trade barriers, or redirecting resources from non-essential sectors to strategic sectors. Autarky can also involve efforts to reduce or minimize dependence on foreign technologies, expertise, or capital.
The philosophy of autarky is often driven by various factors, including geopolitical considerations, national security concerns, desire for independence, or protection of domestic industries. However, autarkic policies can have their drawbacks, such as potential inefficiencies, reduced access to specialized resources, limited market expansion, and isolation from global economic developments.
Historically, autarky has been practiced by nations during periods of war, economic crises, or under authoritarian regimes. Today, it is rarely pursued as a comprehensive policy due to the prevailing belief in the benefits of international trade and globalization. Nonetheless, some nations may adopt partial autarkic measures for specific sectors or in times of exceptional circumstances.
