Economic independence
Economic independence—complete independence of the country in determining its economic status, exercising the exclusive right to own, use and dispose of national wealth, the ability to ensure economic security in the conditions of the international division of labor. Stability is impossible without the protection of property in all its forms, the creation of appropriate conditions and guarantees for entrepreneurial activity, the elimination of destabilizing factors (the fight against criminal structures in the economy, the prevention of significant gaps in the distribution of income that threaten social upheaval, etc.). In globalization, the interrelationship of world trade and financial flows turns nationalities of the economy into interdependent ones. Therefore, economic independence requires establishing state control over national resources, achieving such a level of production, efficiency, and quality of products that ensures competitiveness and allows participation on equal terms in world, trade, cooperative relations, and exchange of scientific and technical achievements. [Енциклопедія Сучасної України].
The definition of “independence,” as expressed herein, signifies the ability of a country to meet the needs of its people for goods and services. This is enabled by an economic development strategy through which the state prioritizes national economic interests over foreign ones. In successfully implementing such a strategy, government and economic actors are both vital elements [Independent Observer].
Економічна незалежність. Енциклопедія Сучасної України. Retrieved from: https://esu.com.ua/article-18777
Significance of Economic Independence. Independent Observer. Retrieved from: https://observerid.com/significance-of-economic-independence/