Autarky is an economic concept that refers to a state of self-sufficiency and independence in which a country or region does not engage in international trade and relies solely on its own resources to meet its economic needs. In an autarkic system, the country produces all the goods and services it requires domestically, without relying on imports or participating in export activities.

Key features and characteristics of autarky include:

1. **Closed Economy:**
– Autarky implies a closed economic system where there are no economic transactions with other countries. The country does not import goods or services and does not export to other nations.

2. **Complete Independence:**
– In an autarkic state, the goal is complete economic independence. The country aims to produce everything it needs, from basic necessities to more complex goods and services, without external assistance.

3. **Resource Utilization:**
– The country must efficiently utilize its available resources, including natural resources, labor, and capital, to meet the demands of its population. This often requires a diversified and self-sustaining economy.

4. **Economic Planning:**
– Achieving autarky may involve central economic planning to ensure that all necessary goods and services are produced domestically. Central authorities may need to allocate resources and set production targets.

5. **Limited Specialization:**
– Autarkic economies tend to limit specialization in specific industries or sectors. Unlike in a globalized economy where countries specialize in producing certain goods and services, an autarkic economy would need to have a more diverse range of industries.

6. **Risk of Inefficiency:**
– Critics of autarky argue that it can lead to economic inefficiency. Without the benefits of comparative advantage and specialization that come with international trade, countries may end up producing goods and services at higher costs than would be possible through trade.

7. **Reduced Economic Growth:**
– Autarky can limit economic growth by restricting access to new technologies, innovations, and advancements that may be available through international trade and cooperation.

8. **Political and Strategic Considerations:**
– Some countries may pursue autarky for political or strategic reasons. This could include a desire to reduce dependence on other nations, particularly during times of geopolitical instability.

9. **Historical Examples:**
– While the concept of autarky is more theoretical, there are historical examples of countries attempting to pursue self-sufficiency. For instance, during certain periods, countries like North Korea and Albania have pursued policies of economic self-reliance, limiting international trade.

It’s important to note that in the contemporary globalized world, most countries participate in international trade to varying degrees. The idea of complete autarky is rare due to the benefits of specialization, comparative advantage, and the exchange of goods and services that come with international trade. Countries generally engage in trade to access resources, technologies, and products that may not be efficiently produced domestically.