3. Trade Policies for Industrialization
Thailand started with development strategy (industrialization strategy) lagging behind
other developing countries with similar levels of income, for instance, the Philippines (see
Oshima, 1987; 1993; Tambunlertchai, 1987). We do not really know for what factors were
responsible, but the fact is that Thailand has overtaken the Philippines since the 1980s (see Ranis and Mahmood, 1992; Yoshihara, 1995).