Implications of the Philosophy
According to Medhi Krongkaew, professor of economics at the School of Development Economics, National Institute of Development Administration (NIDA), “The economic crisis of 1997 affected everyone in Thailand, even His Majesty the King. Seeing many of his subjects suffering, he advised the Thai people to change their economic philosophy in order to cope with present economic adversity and withstand future economic insecurity.”[1]
While certainly complementary to the nation’s Buddhist heritage, Sufficiency Economy espouses a secular philosophy. It does not reject either economic theory or economic progress. Neither does it denounce globalization, as some have tried to interpret. Instead, the middle path the king’s philosophy speaks to a lifestyle governed by moderation and resilience.