In short, Thai industrial policy is quite different from that of the East Asian NIEs
which stems from an institutional setting characterized by a hard state and strong government
discipline over the private sector as Johnson (1982) pointed out in his seminal work on Japan:
The government will give greatest precedence to industrial policy, that is , to a
concern with the structure of domestic industry and, with promoting the structure that
enhances the nation’s international competitiveness. The very existence of an industrial
policy implies a strategic, or goal-oriented approach to economy (Johnson, 1982).
Such a setting falls short in Thailand. This leads one to be cautious whether Thailand
is able to emulate the industrial policy in the East Asian NIEs.