During 1985-1988, export demand contributed
enormously to economic growth with 45.3 percent, albeit 78.1 per cent from domestic
demand. The rest was negative at 23.4 per cent due to import substitution (Jansen, 1989).
Certainly, Thai export-oriented industrialization relies very much on labour-abundance and
natural resources, but does without a technological breakthrough, capital accumulation or
human capital formation