The First National Economic Development Plan (1961-1966) can be taken as a milestone in the modern economic development of Thailand.2 To be sure, many studies consider the coup of October 1958 and the establishment of the regime of Sarit Thanarat as marking the beginning of Thailand’s modern economic development. Yet, it is also argued that the foundations (for modern economic growth) were laid during the 1950s by the Phibun Songkhram government. During 1957 and 1958 there were clear signs that the Phibun Songkhram government was beginning to shift economic policy in the directions recommended by the 1957 World Bank mission and toward those subsequently followed under Sarit (Ingram 1971, 231, quoted in Dixon 1999, 77). Since the release of the First Plan, Thailand has now completed eight Plans3 and is currently in its Ninth Plan period (2002-2006). The national development plans, especially the earlier ones, have played an important role in guiding investment and public resource allocation in Thailand by putting forth guidelines for economic and social development, particularly during the first half of more than 40 years of development planning.