{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Autarky (Closed Economy*) vs. FreeTrade: Definitions, Explanation/Comparison and Examples' data-url='/boclips/videos/5cfaa7789eb92a31cbb1c434' data-video-url='/boclips/videos/5cfaa7789eb92a31cbb1c434' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nAutarky (Closed Economy*) vs. FreeTrade: Definitions, Explanation/Comparison and Examples\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30358588\" href=\"/search?publisher_ids%5B%5D=30358588\"\u003eOne Minute Economics\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eIn 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...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eIn 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 \u003ca href='https://www.patreon.com/oneminuteeconomics' target='_blank' rel='nofollow'\u003eis\u003c/a\u003e Interested in reading a good book? 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