The central question that emerges is why did Thai policy-makers change
industrial strategy in the opposite direction at the beginning on the 1970s, a time was known
as a downturn of the world economy? Once again, how is it to be explained? One of the
plausible reasons is that Thai policy-makers highly appreciated the ‘miracle’ experience of
the East Asian NIEs in achieving high economic growth through the adoption of outwardlooking
industrialization-Eos