Autarky refers to a state of economic self-sufficiency, where a country or region aims to meet all its needs from within its own borders, without relying on external trade.
In an autarkic system, the emphasis is on domestic production and consumption, limiting dependence on foreign goods or services.
While autarky can offer a degree of independence, it often leads to inefficiencies, reduced specialization, and limited access to diverse resources, which may hinder overall economic growth and development.