Self Reliance

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Legal English Vocabulary: Self Reliance in Spanish

Online translation of the English legal term self reliance into Spanish: autosuficiencia (English to Spanish translation) . More about legal dictionary from english to spanish online.

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Self-reliance in Global Commerce Policy

In this regard, self-reliance is: an economic development policy based on relying mainly on locally available natural resources, capital and skills. The entries on trade policy in the Encyclopedia are here. One of its characteristics is a profound disinclination to spend foreign exchange on factors of production that do not immediately and directly result in greater inflows of foreign exchange. The entries on trade policy are here. A consequence is that domestic enterprises and research institutes spend much of their time and funds on re-inventing products and processes already available elsewhere, but they never seem to catch up. The entries on trade policy in the Encyclopedia are here. Outward-looking economies avoid this trap and seek instead to find their place in the system of international specialization through international trade and foreign investment. See also autarky, comparative advantage, self-sufficiency and techno-nationalism. Self-sufficiency: an economic policy under which a country aims to produce to the greatest extent what it consumes itself. Foreign trade does occur in countries practising such policies, but it tends to be confined to importing essential raw materials not available locally and the export of raw materials and other products not needed on the local market. Such a policy disregards the gains to be made from international specialization, and it acts therefore as a brake on the expansion of trade and the economy more broadly. See also autarky, comparative advantage, international division of labour, self-reliance and techno-nationalism.[1]

Self-reliancein the wold Encyclopedia

For an introductory overview on international trade policy, see this entry.

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Notes and References

1. Dictionary of Trade Policy, “Self-reliance” entry (OAS)

See Also

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See Also

• International Economic Law
• Economy
• Foreign Direct Investment
• Economic Law