Self-Sufficiency

Definition

Self-sufficiency refers to a country's ability to produce all necessary goods and services within its borders without relying on imports.

Related terms

Import Substitution Industrialization (ISI): A strategy where countries focus on producing goods domestically instead of importing them.

Protectionism: Policies implemented by governments that restrict or regulate international trade in order to protect domestic industries.

Trade Dependency: When a country heavily relies on imports for essential goods and services due to limited domestic production capacity.