Misplaced Nostalgia It's hard not to sympathize with the military's hope of unleashing a little "Gross National Happiness,'' or the idea that growth should make everyone happy without destroying cultural identity. It's a laudable goal, though it's too late to reverse course drastically. Doing so risks lowering growth and hurting more Thais than government policies help.
Thailand's new leaders are faring so poorly that they are inspiring nostalgia for the Thaksin days. While I've long been critical of Thaksin's autocratic and unscrupulous ways, the military's shaky leadership is damaging investment, business and consumer confidence.
CIMB's Song said he's "quite sure'' Thailand will rebound "strongly'' in a year or so. "But in the coming months,'' he added, "current and potential investors may take a wait-and-see attitude towards Thailand.''
I hope he's right about Thailand's longer-term outlook. Some may call the military's approach economic nationalism. A more accurate description may be a shot in the foot for Asia's most-promising economy.