Definition of siege economy in English:

siege economy


  • An economy in which import controls are imposed and the export of capital is curtailed.

    • ‘The country needs help opening up after operating a siege economy for so long.’
    • ‘The British government indeed operated a siege economy so successfully that by the end of 1917 its grain reserves had actually doubled.’
    • ‘When strategic bombing was added to blockade as a means of economic warfare, the siege economy gradually collapsed.’
    • ‘We had been an isolated, siege economy, very inward-looking, suddenly had to open up and participate, compete in this new global economy.’
    • ‘To the extent that they had any alternative policies, they demanded import controls, which would have created a siege economy, provoked retaliation and trade war and led to immense hardship for working people.’