The Royal Initiative of the ‘Philosophy of Sufficiency Economy’
Although His Majesty has been promoting self-reliant or sustainable farming since the 1950s, it is generally accepted that the idea of Sufficiency Economy had been brought up in the 1970s during in His Majesty’s speeches.
Sufficiency Economy is a philosophy based on the fundamental principle of Thai culture. It is a method of development based on moderation, prudence, and social immunity, one that uses knowledge and virtue as guidelines in living. Significantly, there must be intelligence and perseverance which will lead to real happiness in leading one’s life.
In this royal statement, His Majesty concerned that modern development which emphasized only the economic expansion might eventually lead the country to crisis. Therefore, he stressed the importance of building a ‘good and stable foundation’ before further progress could be developed. This means that instead of putting the emphasis on the expansion of the industrial sector prior to development, the stability of the basic economy should be established first, that is, assuring that the majority of rural people have enough to subsist first. This is a method of development that stresses the distribution of income to build the overall economic foundation and stability of the country before going on to a higher level of development.
On a personal level, the Philosophy of Sufficiency Economy can be adopted by all people simply by adhering to the middle path. The awareness of virtue and honesty is also essential for people as well as public officials.