It is also obvious that the scale of land reform was very limited and ineffective at
keeping poor farmers from becoming indebted. Previous attempts to limit private land
ownership were never successful due to vested-interests but the Agricultural Land Reform
Act was enacted in 1975. Recently, there was a corruption scandal associated with the land
reform programme between 1993-1995 which led to the Chuan government’s dissolving
Parliament in May, 1995. The Thai government still strongly supported a policy of growth
maximization through conservative price stabilization policy. It was evident that a concrete
action effectively dealt with fixing the exchange rate between baht and dollar at 20 to 21.50
during 1955-1981 (see Siamwalla and Setboonsarng, 1989). It was also clear that the
equalization of regional and personal income levels is expected to receive even lower priority
than was expected in the 1980s.