to cover the costs of production, particularly those of energy. As a
consequence, the government had to borrow heavily to
subsidize various state enterprises (Abonyi and
Bunyaraks 1989, 34). Yet, on the bright side, the
prevailing view appears to have been that Thailand
could continue with its expansionary policy and simply
grow itself out of the structural imbalances. For
example, it was projected that, during the very early
1980s, many major projects in natural gas, chemicals,
fertilizer and cement, mainly in connection with
development of the Eastern Seaboard, would lead to an
increase in productivity, which would enable the
government to attend to adjustments in such areas as the
low productivity of agriculture and the related problems
of low rural incomes, urban unemployment, income
distribution and the establishment of a national social
security system. These expectations were, however,
dashed by the 1979/80 oil crisis which left Thailand in a
vulnerable position (Dixon 1999, 110).
to cover the costs of production, particularly those of energy. As aconsequence, the government had to borrow heavily tosubsidize various state enterprises (Abonyi andBunyaraks 1989, 34). Yet, on the bright side, theprevailing view appears to have been that Thailandcould continue with its expansionary policy and simplygrow itself out of the structural imbalances. Forexample, it was projected that, during the very early1980s, many major projects in natural gas, chemicals,fertilizer and cement, mainly in connection withdevelopment of the Eastern Seaboard, would lead to anincrease in productivity, which would enable thegovernment to attend to adjustments in such areas as thelow productivity of agriculture and the related problemsof low rural incomes, urban unemployment, incomedistribution and the establishment of a national socialsecurity system. These expectations were, however,dashed by the 1979/80 oil crisis which left Thailand in avulnerable position (Dixon 1999, 110).
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