What is the term for an economically self-sufficient community? 🔊
An economically self-sufficient community is referred to as an "autarky." In an autarkic system, the community or nation aims to produce all the goods and services it requires without relying on international trade. This self-reliance can often result from government policies that encourage local production and consumption. While autarky can offer benefits, such as economic stability and independence from global market fluctuations, it also has drawbacks, including limited access to diverse goods and potential inefficiencies in production. The quest for total self-sufficiency can be challenging in an interconnected global economy, where trade often leads to greater efficiency and variety.
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