Economic Self-Reliance

Definition

Economic self-reliance refers to the ability of individuals, communities, or nations to meet their own economic needs without reliance on external support or resources. This concept became significant during the mid-19th century as various movements sought to promote independence and self-sufficiency in response to industrialization and urbanization. It played a vital role in shaping attitudes towards economic practices, leading to the emergence of a more individualistic economy.

5 Must Know Facts For Your Next Test

1. Economic self-reliance became a popular theme among reformers who sought to promote independent livelihoods in response to increasing industrial dependency.
2. The idea encouraged individuals and communities to cultivate their own food, produce goods locally, and rely less on imported products.
3. Prominent figures, such as Ralph Waldo Emerson, advocated for self-reliance as a moral imperative, believing it fostered personal development and societal progress.
4. Economic self-reliance was often linked to movements promoting social justice, as it emphasized empowerment for marginalized groups through economic independence.
5. The principles of economic self-reliance influenced various political agendas, including agrarian movements and later progressive reforms in the early 20th century.

Review Questions

• How did the concept of economic self-reliance reflect the broader societal changes occurring during this period?
  • The concept of economic self-reliance emerged as a response to rapid industrialization and urbanization, which often left individuals feeling disconnected from traditional economic practices. It reflected a growing desire among reformers and everyday people for autonomy over their economic lives. This desire was tied to movements advocating for personal empowerment and local production, pushing back against the dehumanizing aspects of mass production and dependence on distant markets.
• Discuss how transcendentalist beliefs influenced the idea of economic self-reliance in society.
  • Transcendentalist beliefs were integral to promoting economic self-reliance by emphasizing the importance of individuality and personal intuition. Figures like Ralph Waldo Emerson encouraged people to trust themselves rather than conforming to societal expectations. This philosophy supported the notion that true fulfillment comes from individual efforts and local community engagement, rather than reliance on external markets or institutions. As such, transcendentalism helped cultivate an ethos of self-sufficiency that resonated throughout reform movements of the time.
• Evaluate the long-term impacts of economic self-reliance on American economic policies and practices into the 20th century.
  • The principles of economic self-reliance laid foundational ideas that influenced various policies and practices throughout the 20th century. As movements advocating for social justice and economic empowerment grew, they often drew upon themes of self-reliance to argue for policies that supported small farmers, local businesses, and sustainable practices. This legacy can be seen in later progressive reforms that sought to balance industrial growth with community needs, fostering an environment where economic independence remained a key value in American society.

Related terms

Subsistence Economy: An economic system where communities produce most of what they consume, relying on local resources and labor rather than market exchanges.

Transcendentalism:

A philosophical movement that emphasized self-reliance, individualism, and the inherent goodness of people and nature, influencing social reform during the period.

Market Economy:

An economic system based on supply and demand where prices are determined in a free price system, contrasting with economic self-reliance ideals.