financial autonomy as a national plan
the concept that a country should be self-sufficient and not take part in international trade. The ability of nations having pursued this Utopian perfect by replacing domestic production for imports is an unhappy one. No nation happens to be able to produce the full range of items required by its populace at competitive costs. Undoubtedly, those that have attempted to achieve this have condemned themselves to inefficiency and comparative impoverishment, weighed against nations that practice worldwide trade.
n economic climate without having any external trade, or one where trade is reduced or eradicated through barriers and quotas.
1610s, "self-sufficiency," from Greek autarkeia "sufficiency in yourself, liberty," from autarkes "self-sufficient, having adequate, separate of other people" (in addition utilized of countries), from autos "self" (see auto-) + arkein "to ward off, keep down," also "is strong enough, adequate," from PIE root *ark- "to hold, consist of, guard" (see arcane). From another type of Greek origin than autarchy, and thus the spelling. As a phrase in worldwide economics, prominent belated 1930s. Related: Autarkic.