Comparative analysis explores state modernization versus social development strategies in Thailand, suggesting implications for resilience.
Following the currency crisis in 1997, Thailand has employed two different approaches to respond to external shocks to its economy. The first approach aims to construct a strong state that can effectively manage crises and seeks to become a high-income country through industrial upgrading. This approach was manifested in the Kingdom of Thailand Modernization Framework (KTMF) initiated by the Thaksin government. The second approach relies on more flexible social networks, favoring resilience rather than economic growth to ensure social development. The Sufficiency Economy Philosophy proposed by King Bhumibol was representative of this approach.
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Akira Suehiro (2023) studied this question.
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