It is, nevertheless, noteworthy that the last financial crisis served somewhat as a wake up call for some academics and policy-makers to reconsider the development policy. This is especially the case when they learned of the surprising fact that the lagged behind sector (in terms of level of development) such as the agriculture and rural sector helped absorb almost 2 million unemployed workers after the closure of some industries as a result of the crisis (Phongpaichit and Baker, 2000).