Sufficiency Economy Philosophy
Sufficiency Economy is pilosophy bestowed by His Majesty King Bhumibol Adulyadej to the people of thailand. Through royal remarks on many occasions over the past three decades, His Majesty has provided guidance on appropriate conduct covering numerous aspects of life. After the economic crisis, His Majesty reiterated and expended on his "philosophy of sufficiency economy"in remarks made in December1997and1998. The philosophy points the way for arecovery that will lead to a more resilient and sudtainable economy that is better able to meet emerging challenges such as globalization.
Sufficiency Economy stresses the middle path as an overriding principle for appropriate conduct by thai people at all levels, from family to community to country. It calls for national development and administration to modernize in line with the forces of globalization. "Sufficiency" means moderation, reasonableness, and the need of self-immunity for sufficient protection from impact arising from internal and external changes. To achieve this, the application of knowladge with due consideration and prudence is essential. In particural, great care is needed at every step in the utilization of theories and methodologies for planning and implementation. At the same time, it is necessary to strengthen the moral fiber of the nation, so that everyone, particularly public officials, academics, and businessmen, adhere first and foremost to the prinviple of honesty and integrity. In addition, a way of life based on patiemce, perseverance, diligence, wisdom and prudence is indispensable to create balance and be able to cope appropriately with critical challenges, arising from extensive and rapid socioeconomic, environmental, and cultural changes in the world.