Self-sufficiency

Examples of Self-sufficiency in the following topics:

• Colonization

  • The Pilgrims of Massachusetts were pious, self-disciplined English people who wanted to escape religious persecution.
  • But throughout the colonies, people lived primarily on small farms and were self-sufficient.
  • By 1770, the North American colonies were ready, both economically and politically, to become part of the emerging self-government movement that had dominated English politics since the time of James I (1603-1625).
  • Disputes developed with England over taxation and other matters; Americans hoped for a modification of English taxes and regulations that would satisfy their demand for more self-government.

• National Security Argument

  • However, some argue self-sufficiency (via protectionism) in war is not necessary, as friendly nations will still provide trade and economic support.

• Introduction to American Agriculture: Its Changing Significance

  • Early in the nation's life, farmers were seen as exemplifying economic virtues such as hard work, initiative, and self-sufficiency.

• Relationship Between Specialization and Trade

  • They can both choose to be self-sufficient, because they have the ability to produce both products.

• Farm Policy of the 20th Century

  • The period was even more disastrous for farmers than earlier tough times because farmers were no longer self-sufficient.

• Introduction to Small Business and the Corporation

  • In practice, this belief in entrepreneurship has taken many forms, from the self-employed individual to the global conglomerate.
  • But as the nation's population grew and cities assumed increased economic importance, the dream of being in business for oneself evolved to include small merchants, independent craftsmen, and self-reliant professionals as well.
  • In many industries, small enterprises had trouble raising sufficient funds and operating on a scale large enough to produce most efficiently all of the goods demanded by an increasingly sophisticated and affluent population.

• The Tragedy of the Commons

  • The tragedy of the commons is the depletion of a common good by individuals who are acting independently and rationally according to each one's self-interest.
  • If individuals have enlightened self-interest, they will realize the negative long-term effects of their short-term decisions.
  • In the absence of enlightened self-interest, the government may step in and impose regulations or taxes to discourage the behavior that leads to the tragedy of the commons.

• Price Floors

  • By establishing a minimum price, a government seeks to promote the production of the good or service and ensure that the producers have sufficient resources to go about their work.

• Arguments for and Against Government Price Controls

  • Second, regulation can protect the producers of a good and ensure that they get sufficient revenue.

• Classical Theory

  • Self-regulating markets: classical theorists believed that free markets regulate themselves when they are free of any intervention.
  • Adam Smith referred to the market's ability to self-regulate as the "invisible hand" because markets move towards their natural equilibrium without outside intervention.