Israel Isn’t Suffering from an Economic Crisis, and Doesn’t Need Autarky

In a speech on Monday, Benjamin Netanyahu told a gathering of Finance Ministry personnel that Israel must strive to imitate both Athens and Sparta and “increasingly needs to adapt to an economy with autarkic characteristics,” while admitting that autarky (economic self-sufficiency) is “the word I most hate.” He went on to explain that free markets are preferable, but international isolation may force Israel to rethink its trade policy. After the Tel Aviv stock exchange dropped by 2 percent, the prime minister attempted to walk back his remarks.