closed economy

Definition

An economy that does not interact with the economy of any other country. A closed economy prohibits imports and exports, and prohibits any other country from participating in their stock market. There have been many examples of closed economies throughout history, but very few closed economies exist today. also called autarky.

Use closed economy in a sentence

Don't retire to brazil because it's closed economy has caused the cost of living there to be very high and you will soon be out of money.

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Closed economies do not exist in today's age of globablization, though many economists still build models with a closed economy to help simplify the modelling process and explicate specific economic mechanisms which don't rely on international trade.

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Brazil was considered for a long time to have a closed economy as the majority of it products were produced directly in the country and it imported little to nothing from the outside countries.

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