At the height of the crisis, on December 4, 1997, His Majesty stated:
“All of this has made me think about how this crisis has come about. Our country is rich in natural resources and we been designated to become an economic power. How is it that we are facing this crisis? In fact, this crisis could have been detected a long time ago … but nobody was aware of it … Recently so many projects have been implemented; so many factories have been built that it was thought that Thailand would become a little tiger, and then a big tiger. People were crazy about becoming a tiger….I am telling you these things because they are the cause of the crisis…” (Royal Speech, given at Dusit Palace, on 4 December 1997)
For the corporate sector, Sufficiency Economy Philosophy suggests greater emphasis on good risk management, well thought-out business plans, sustainable investment, good corporate governance, as well as good corporate citizenship in terms of taking on corporate social responsibilities.
Concerning business practices, His Majesty has emphasized many times that:
“Any venture must be carried out with careful consideration and one must not be over-enthusiastic. … if we carry out an adequate project of a moderate size, it would perhaps not be so showy, but it would not fail, or even it failed, the loss would not be so great…” (Royal Speech, given at Dusit Palace, 4 December 1997)