Posted in Finance, Accounting and Economics Terms, Total Reads: 530
Autarky is a political word with an economic connotation. It is a state of self sufficiency which is achieved when an entity exists without external aid ,on its own independently.
Roots of the word lie in the greek word autarkeia: autos means self and arkien refers to be sufficient.
Yet Autarky not essentially an economic concept. To cite an example, a military autarky implies a state defends itself without external assistance .
Some historical examples of autarky are India after gaining independence until the economic reforms of 1991,Afghanistan under the Talibanese rule and Nazi Germany Under Adolf Hitler attempted the same as a part of four year plan.
Some Modern Examples of autarky are North Korea(The government’s ideology of self sufficiency or “Juche” )yet absolute autarky is not something that exists in reality. It is a utopian concept.