King Bhumibol’s Philosophy of Sufficiency Economy
As a means of addressing the widening gap between rich and poor, King Bhumibol developed the philosophy of “sufficiency economy.” Not to be confused with “self-sufficiency,” an out-dated idea practiced by the likes of North Korea and Albania, it is based on making sure that the fruits of economic growth are enjoyed by everyone not just the wealthy. Rooted in Buddhist thought and first introduced in a speech in 1974, it ains to achive these goals in a way that is “environmentally friendly and economically sustainable.” “Otherwise the social imbalance will spread and the economic policy will eventually fail,” the King said.
According to the Thai government: “His Majesty has always stressed the importance of basics, because only when the fundamentals are strong can development be sustainable. His Majesty therefore seeks to help the poor by encouraging them to start from the first step of having enough to eat and to live on” before embarking on more ambitious goals. Hence, His Majesty developed a philosophy of “sufficiency economy” as a way of life for the Thai people. The word “sufficiency” means moderation and mindfulness in all conduct, and incorporates the need for sufficiency protection from internal and external shocks. It can be applied to the entire population – whether at individual, family or community levels. At the national level, the philosophy is consistent with a balanced development strategy.
“A practical example of the application of the philosophy is “integrated farming practices according to New Theory”, which promotes step-by-step development. It starts with building a solid foundation at the family level so that people can be self-reliant without taking advantage of others. Then people can come together to undertake group, community, or even community enterprise. The aim is to strengthen the community by reducing the risk from external factors, and build connections. The end result would then be the expansion of the scope of cooperation at the national level. This task is not smooth sailing. A balanced approach combining patience, perservance, diligence, wisdom and prudence is indispensable to cope with critical challenges ahead.”
King Bhumibol tried to focus on his “sufficiency economy” during the 1997-1998 Asian financial crisis when he said Thais should try to live within their means and not try so hard to be an Asian economic “tiger.” In the late the 2000s the idea of “sufficiency economy” became more widely embraced by the Thai government. In 2007, Prime Minister Surayud Chulanont said at a press conference: “We must put more emphasis on people’s happiness rather than on GDP. We need to aim for a ‘sufficiency economy.’” Some viewed the statement though as more of a symbol of breaking away from the policies of former Prime Minister Thaksin than an affirmation of the king’s policies.