Encyclopedia > Autarky

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An autarky is an economy which does no trade with the outside world and relies entirely on its own resources. It is also referred to as a "closed economy".

An example of a currently run autarky is North Korea.

In the past, Fascism imposed autarky in Italy after an embargo sanctioned by the Société des Nations.

Where autarky does not exist, a hypothetical assumption of autarky is used to calculate something known as autarkic relative prices[?].

The word is from the Greek language, where it means "Self sufficient". It is sometimes confused with Autarchy, which generally means self government, or government by absolute rule (although Autarchy is sometimes also used as a variant spelling of Autarky).

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