Autarky refers to a state of economic self-sufficiency where a country or region seeks to produce all the goods and services it needs domestically, minimizing or eliminating reliance on imports or external trade. An autarkic economy aims to be entirely self-contained, often through protectionist policies like tariffs, import quotas, and state-controlled industries. While autarky can reduce economic dependence on foreign markets, it often leads to inefficiency, reduced innovation, and slower economic growth due to the lack of competitive pressure and limited access to specialized resources.
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