Closed economy

Definition of Closed economy

Closed economy is a type of an economic system where outside economy plays no part in the economic system. There is no activity, conducted between outside economy and inside economy. A closed economy is the quality that self-sufficient which means imports are not brought and exports are not sent out. The purpose of this economy is to equip the consumers with everything that they require while living in an economy.

Books on Closed economy

Book 1 –

The Theory of Aggregate Investment in Closed Economic Systems By K. K. Dompere (published by Greenwood Publishing Group, 1999)

Book 2 –

Macroeconomics By Roger A. Arnold (published by Cengage Learning, 2013)

How Closed Economy works?

In modern society, the trail of complete closed economy cannot be found that easily, but a possible example can be North Korea, where government follows the ideology of Juche (self-sufficiency) that maintain its domestic economy in the face of its isolation.

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