The Pros and Cons of Self-Sufficiency and International Trade Models for Development
The self-sufficiency model of development, also known as autarky, is based on the idea of a country producing all its own goods and services without any foreign trade. This model has the advantage of allowing a country to be independent from the rest of the world and have control over its own resources. The main problem with this model is that it can stifle economic growth by limiting the opportunities for specialisation, technological progress and access to new markets (Hufbauer & Schott, 2017).The international trade model of development is based on the idea of open trade between countries. This model has the advantage of allowing countries to specialise in production according to their comparative advantage, leading to increased efficiency and access to new markets (Hufbauer & Schott, 2017). The main problem with this model is that international trade can cause problems related to imports and exports, such as volatility in prices and exchange rates, and the risk of economic crises due to external shocks (Hufbauer & Schott, 2017). Overall, the majority of economists side with the international trade model of development due to its potential to increase efficiency and create economic growth. Cont…
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