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The New Advocacy for Autarky: Self-Sufficiency is Now Once Again Becoming Popular for Geopolitical Reasons

Author

Listed:
  • Dieter Heribert

    (Stiftung Wissenschaft und Politik, Berlin, Germany)

  • Biedermann Johanna

    (University College Dublin, Dublin, Ireland)

Abstract

International economic relations and trade in particular have been thriving since World War II. Whilst the lowering of trade barriers and the dismantling of trade restrictions have long enjoyed support both among trade economists and policymakers, there has recently been a swing back to protectionist policies. In virtually all major economies, a surprising new interest in autarky can be observed. Today, both the USA and the member countries of the European Union prioritize domestic production of certain products, especially semiconductors. China has taken a decisive turn to trade policies that emphasize self-sufficiency and domestic production. India, which has long favoured sourcing from domestic producers, has at least partially embraced self-sufficiency. We analyze and add a historical lens to these recent developments. If they will continue, we argue that the world will see negative effects on welfare if these trends continue unchecked.

Suggested Citation

  • Dieter Heribert & Biedermann Johanna, 2022. "The New Advocacy for Autarky: Self-Sufficiency is Now Once Again Becoming Popular for Geopolitical Reasons," The Economists' Voice, De Gruyter, vol. 19(2), pages 263-283, December.
    • Handle: RePEc:bpj:evoice:v:19:y:2022:i:2:p:263-283:n:10
    DOI: 10.1515/ev-2022-2003
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    References listed on IDEAS

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    1. By Peter Harnetty, 1971. "Cotton Exports and Indian Agriculture, 1861-1870," Economic History Review, Economic History Society, vol. 24(3), pages 414-429, August.
    2. Rodney J. Morrison, 1993. "The London Monetary and Economic Conference of 1933: A Public Goods Analysis," American Journal of Economics and Sociology, Wiley Blackwell, vol. 52(3), pages 307-321, July.
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