Definition of autarky

The term autarchy is used to designate that kind of political economy or society that relies on its own resources without requiring or maintain contact with the outside. Autarchy is a phenomenon characteristic of some historical stages due to different reasons, as well as the historical peculiarities of each country. Normally, autarky is not a sustainable situation today due to the high interconnection and economic exchange between the different parts of the planet. The notion of self-sufficiency can be applied to many areas of human life. In this sense, autarky can be defined as the ability to perform different activities or have certain freedoms to act independently and without the need to be controlled or dominated by one higher body. Thus, this notion can be applied to institutions or entities, to be self-governing, not depend on Governments or other institutions. At the same time, autarky can be a characteristic of an individual who behaves independently from others and therefore not required in certain situations of his life from the collaboration of others.
However, the word autarky relates usually aspects of the economy when a region or country produces items that are consumed and does not require the intervention of trade with other regions. This policy of economic autarky is common when Nations seek first and foremost protect the industry or local production against the entry of foreign products that are neither more nor less than competition. Autarky, no doubt, may be beneficial for the region since it removes direct competition, but you can put it on risk also since it implies that products of the autonomous region in question may not be traded and exported to other regions.