The concept of autarky deemed no value, and I wouldn't need to revisit it with you except for the crippling global economic state has forced me to.
At the peak of active cases, and recently, France along with many other countries decided to close their borders to travel and foreign trade. Albeit it was for a short time, the catastrophic effect it would have on the quality of life was apparent. Smaller businesses felt the heat of a lower subsidiary and ripples from the hindered import and export situation. The internal rotation of money was coming to a halt, and resources dwindled.
I experienced similar shenanigans firsthand. At the very beginning of the outspread, while I catered to my infected patients, the government of UAE decided to temporarily pause to its biggest moneymaker - visa and travel. With the airports shut and no more visas, it was clear that the reserves may come into action.
It sparked the train of thought about a long-buried concept - autarky, and its relevance. Autarky may be widely accepted as a large form of self-sustainability. Although it would be more synonymous with "closed economy".
In theory, it is a system where a country could sustain itself through local resources and development without any foreign trade or exchange. In a perfect world scenario, the theory could succeed, however, it would render the world imperfect, as a result.
The closest we have to autarky in present times is North Korea. It is still alleged to be close to autarky. They have open business with China in some sectors, and secretly who knows with whom.
In the past, we have seen attempts to reach an autarky. One of them was the USSR and we know how that ended.
In basic terms, autarky is a no-no. Geographically, metallurgical, naturally, it remains irrational. An open economy or open trade economy helps developing competition, the advancement of technology, trade offers, jobs, increment in quality of life and allows for a specific specialty in certain fields and general growth of resources and economy.
Autarky battles the forefathers and the evolution of mankind. May it be barter or the constant need for travel of the Archaic humans in search of fertile grounds.
However, reflecting on the pandemic-struck economy, it does give strength to an "autarky-styled" push for the economy. There needs to be self-sustainability approach without the "closed economy" part of autarky. An economy where dipping into the finite reserves may come as a third option instead of first.
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