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Yes. The opposite is protectionism. Societies that practice protectionism are inward looking and progressively become less competitive on the world stage (since they don't need to be globally competitive). Societies that have been protectionist can become internationalist only if they have some other advantage such as a low paid labour force (since protectionist countries tend to have a poorer economy, this is often the case).

A society thats cuts itself off from the world is less able to import specialist materials and devices, reducing the items that can be manufactured. Eg if you can no longer import Lithium, the society will be unable to make lithium batteries. Modern societies are very interconnected, for instance there is only one place in the world that makes the special steel for caterpillar tracks and only two places in the world that can make extremely large steel castings (used in some types of power stations). If you cut yourself off from specialist suppliers your society will suffer.

Societies that cut themselves off from others tend to be more repressive (eg Iran, North Korea), since they don't need to conform to international expectations.

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