First and foremost, to create an economic development strategy that is uniquely Thai, it is necessary to understand the special relationship between the people of Thailand and their monarch, His Majesty King Bhumibol Adulyadej. Through his caring leadership, His Majesty has earned the abiding love and profound respect of his people. Through his thinking, he has laid the foundation for and inspired his country’s development strategy.
Since the beginning of his reign, His Majesty has continually worked to enhance the livelihood of the poor. Royally-initiated activities include rural economic development projects, protection of critical natural resources, and resolution of urban problems such as water treatment and traffic.
In the midst of the economic crisis, in December 1997 and again in 1998, His Majesty King Bhumibol Adulyadej reemphasized a concept he has propounded since the 1970s: the philosophy of the “Sufficiency Economy” and urged all Thais to practice it to the greatest extent possible. Sufficiency Economy sets out to shield the Thai people and nation from adverse internal and external shocks by acknowledging the interdependency among people at all levels.
Sufficiency Economy advocates taking the middle path in life as the optimal route for personal conduct at all levels: individuals, families and communities. It counsels moderation, self-reliance, honesty and integrity, while exercising knowledge with prudence.
Sufficiency Economy posits that an individual should be able to lead a reasonably comfortable life without excess or overindulgence in luxury. That is, if extravagance brings happiness it is permissible only as long as it is within the means of the individual. As His Majesty stated in a Royal Speech on December 4, 1998, “If one is moderate in one’s desires, one will have less craving. If one has less craving, one will take less advantage of others. If all nations hold this concept of moderation, without being extreme or insatiable in one’s desire, the world will be a happier place.”