Over the past three decade, His Majesty has graciously reminded Thai people through his royal royal remarks on many occasions of a step-by-step and balanced approach to development, which is now known as the Philosophy of Sufficiency Economy. The philosophy provides is one example of an excerpt from His royal speech in 1974: “Economic development must be done step by step. It should begin with the strengthening of our economic foundation, by assuring that the majority of our population has enough on the next steps, by pursuing more advanced levels of economic development. Here, if one focuses only on rapid economic expansion without making sure that such plan is appropriate for our people and the condition of our country, it will inevitably result in various in various imbalances and eventually end up failure or crisis as found in other countries.” (Royal Speech 1974, p.12)