Uploaded March 2019 | Updated September 2026, 1 hour ago
In today's free trade-dominated world, do examples of autarky and closed economies even exist anymore?
Well, kind of but not really!
The only country that comes close to the definition of a closed economy at this point (as you're about to find out in the video) is still not at 100% when it comes to autarky, with it engaging in some form of international trade... even if not on a huge scale.
Could other countries choose to embrace autarky?
In theory, sure. Practically speaking however, while some countries do decide to go with autarky-inspired policies when it comes to certain key industries... the economics are just not there when it comes to the closed economy equation as a whole.
Through this video, autarky as well as free trade have been defined, explained and compared. Through an easy-to-understand explanation as well as well-chosen examples, you'll understand why free trade is without a doubt the dominant force at this point, whereas autarky and closed economies are good topics for geopolitics classes... but that's pretty much it :)
To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message.
Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to oneminuteeconomics@gmail.com, any and all support is greatly appreciated!
Oh and I've also started playing around with Patreon, my link is:
patreon.com/oneminuteeconomics
Interested in reading a good book?
My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below:
Amazon - amazon.com/Wealth-Management-2-0-Financial-Professionals-ebook/dp/B01I1WA2BK
Barnes & Noble - barnesandnoble.com/w/wealth-management-20-andrei-polgar/1124435282?ean=2940153328942
iBooks (Apple) - itun.es/us/wYSveb.l
Kobo - store.kobobooks.com/en-us/ebook/wealth-management-2-0
My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below.
Amazon - amazon.com/Age-Anomaly-Spotting-Financial-Uncertainty-ebook/dp/B078SYL5YS
Barnes & Noble - barnesandnoble.com/w/the-age-of-anomaly-andrei-polgar/1127084693?ean=2940155383970
iBooks (Apple) - itunes.apple.com/us/book/age-anomaly-spotting-financial-storms-in-sea-uncertainty/id1331704265
Kobo - kobo.com/ww/en/ebook/the-age-of-anomaly-spotting-financial-storms-in-a-sea-of-uncertainty
Last but not least, if you'd like to follow me on social media, use one of the links below:
facebook.com/oneminuteeconomics
twitter.com/andreipolgar
ro.linkedin.com/in/andrei-polgar-9a11a561
In today's free trade-dominated world, do examples of autarky and closed economies even exist anymore?
Well, kind of but not really!
The only country that comes close to the definition of a closed economy at this point (as you're about to find out in the video) is still not at 100% when it comes to autarky, with it engaging in some form of international trade... even if not on a huge scale.
Could other countries choose to embrace autarky?
In theory, sure. Practically speaking however, while some countries do decide to go with autarky-inspired policies when it comes to certain key industries... the economics are just not there when it comes to the closed economy equation as a whole.
Through this video, autarky as well as free trade have been defined, explained and compared. Through an easy-to-understand explanation as well as well-chosen examples, you'll understand why free trade is without a doubt the dominant force at this point, whereas autarky and closed economies are good topics for geopolitics classes... but that's pretty much it :)
To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message.
Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to oneminuteeconomics@gmail.com, any and all support is greatly appreciated!
Oh and I've also started playing around with Patreon, my link is:
patreon.com/oneminuteeconomics
Interested in reading a good book?
My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below:
Amazon - amazon.com/Wealth-Management-2-0-Financial-Professionals-ebook/dp/B01I1WA2BK
Barnes & Noble - barnesandnoble.com/w/wealth-management-20-andrei-polgar/1124435282?ean=2940153328942
iBooks (Apple) - itun.es/us/wYSveb.l
Kobo - store.kobobooks.com/en-us/ebook/wealth-management-2-0
My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below.
Amazon - amazon.com/Age-Anomaly-Spotting-Financial-Uncertainty-ebook/dp/B078SYL5YS
Barnes & Noble - barnesandnoble.com/w/the-age-of-anomaly-andrei-polgar/1127084693?ean=2940155383970
iBooks (Apple) - itunes.apple.com/us/book/age-anomaly-spotting-financial-storms-in-sea-uncertainty/id1331704265
Kobo - kobo.com/ww/en/ebook/the-age-of-anomaly-spotting-financial-storms-in-a-sea-of-uncertainty
Last but not least, if you'd like to follow me on social media, use one of the links below:
facebook.com/oneminuteeconomics
twitter.com/andreipolgar
ro.linkedin.com/in/andrei-polgar-9a11a561
