By DARLINGTON CHILUBAONE of the most interesting words in the field and study of International Relations and Trade is “Autarky” (or Autarchy). It basically means being independent of others (as a nation) politically and economically where possible. It confronts the principle that dependency can be equivalent to weakness in the community of states; but also admits that reliance on others is inevitable because no state is endowed with all the resources it needs to survive.If it holds true, that trade among nations is inevitable, then nations will form strategic trade alliances among themselves to ensure their mutual survival. Such strategic alliances will generally ensure that trade is uninterrupted, and that crucial resources and trade routes are protected. Dominant nations are likely to determine the terms of trade because they would have developed global security structures that enable them to trade across the globe and introduce smaller nations into the trade matrix. The balance of power in such relationships […]
UNDERSTANDING INTERNATIONAL TRADE
