WikipediaExtracts:Autarky
Extracted from Wikipedia --
Autarky is the characteristic of self-sufficiency, usually applied to societies, communities, states, and their economic systems.
Autarky as an ideology or economic approach has been attempted by a range of political ideologies and movements, particularly leftist ones like African socialism, mutualism, war communism, communalism, swadeshi, syndicalism (especially anarcho-syndicalism), and left-wing populism, generally in an effort to build alternative economic structures or to control resources against structures a particular movement views as hostile. However, some right-wing ones, like nationalism, conservatism, and anti-globalism, along with even some centrist movements, have also adopted autarky, generally on a more limited scale, to develop a particular industry, to gain independence from other national entities or to preserve part of an existing social order.
Proponents of autarky have argued for national self-sufficiency to reduce foreign economic, political, and cultural influences, and to promote international peace. However, economists are generally supportive of free trade; there is broad consensus among economists that protectionism has a negative effect on economic growth and economic welfare while free trade and the reduction of trade barriers has a positive effect on economic growth and economic stability.
Autarky may be a policy of a state or some other type of entity when it seeks to be self-sufficient as a whole, but it also can be limited to a narrow field such as possession of a key raw material. Some countries have a policy of autarky with respect to foodstuffs (such as South Korea), and water for national-security reasons. Autarky can result from economic isolation or from external circumstances in which a state or other entity reverts to localized production when it lacks currency or excess production to trade with the outside world.
