Autarky

Autarky refers to a state or situation where a country, region, or economy is self-sufficient and does not engage in international trade. In an autarkic system, all goods and services that people need are produced domestically, minimizing reliance on imports or exports. This concept is often discussed in economics and political science, especially in relation to policies aimed at achieving economic independence. While autarky can protect local industries, it may also limit consumer choices and result in inefficiencies, as it may not benefit from the advantages of trade, such as lower prices and diverse products.