Thailand's Economy
The Sufficiency Economy Philosophy
How the late King Bhumibol's "sufficiency economy" idea emphasised moderation, resilience and self-reliance after the 1997 crisis, and how it influenced Thai policy.
After the 1997 crisis, the late King Bhumibol Adulyadej promoted the sufficiency economy philosophy.
Principles
- Moderation: avoid excess and speculation.
- Reasonableness: consider consequences.
- Self-immunity: build resilience against shocks.
- Supported by knowledge and morality.
In farming
The king promoted a “new theory” of farming: dividing land among rice, ponds, crops and housing for self-sufficiency and resilience.
In policy
Sufficiency economy was included in Thailand’s national development plans and school curricula.
Interpretations
- Supporters see it as a guide for sustainable and resilient development.
- Critics argue it has been used to justify political positions or discourage ambition.
Comparison
It resembles ideas of Gandhian economics in India, emphasising village self-reliance and moderation.
A Thai farmer divides her land into a fish pond, rice field, fruit trees and vegetables, so a bad rice year doesn't ruin her family.
Sufficiency economy emphasises moderation and resilience.
- King Bhumibol promoted the sufficiency economy after 1997.
- It stresses moderation, reasonableness and resilience.
- It was included in national plans.
- It resembles Gandhian ideas of self-reliance.
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