SELF SUFFICIENCY ECONOMY IN THAILAND
The Concept
His Majesty King Bhumibol Adulyadej developed the philosophy of the Sufficiency
Economy to lead his people to a balances way of life and to be the main sustainable
development theory for the country. The theory is based upon a Middle Path between
society at the local level and the market in the global context. By highlighting a balanced
approach, the philosophy allows the nation to modernize without resisting globalization,
buy provides a means to counteract negative outcomes from rapid economic and cultural
transitions. The Sufficiency Economy became critical during the economic crisis in 1997,
in which Thailand needed to maintain stability to persist on self – reliance and develop
important policies to recover. By creating a self –supporting economy, Thai citizens will have
what they need to survive but not excess, which would turn into waste.