Sustainability
From The Report: Thailand 2016
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In what became known as a foundation speech for the idea of the sufficiency economy, in December 1997, the king said that what was important was not being a “tiger” but having “a sufficient economy” to take care of the whole population. The sufficiency economy places sustainability at the very core of its thinking, advancing a different approach from that of short-term, shareholder value-centred ideas of economic development. The take-up of this philosophy has also placed the country at the forefront of studies in sustainability, while also providing the world with some remarkable blueprints and success stories. This chapter contains a viewpoint from Kasem Watanachai, Privy Counsellor.

Articles from this Chapter

Overview

The middle way: Applying the king’s philosophy of sufficiency economy for long-term sustainable development
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In May 2006, Kofi Annan, then secretary-general of the UN, travelled to Thailand to present King Bhumibol Adulyadej with the first-ever UN Human Development Lifetime Achievement Award. During his presentation of this great honour, the secretary-general praised not only the king’s “extraordinary contribution” to human development, but also what Annan described as the monarch’s visionary thinking. This latter remark referred to the economic and social philosophy which the king has pieced together,…

Viewpoint

The way of moderation: Kasem Watanachai, Privy Councillor, on a middle way of living
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The Sufficiency Economy Philosophy is simple at its core but must be dissected. According to King Bhumibol Adulyadej of Thailand, we have to ensure that we interpret “philosophy” as truth and knowledge. “Sufficiency” is not self-sufficiency, but rather means prudence and a middle way of living, doing business and managing oneself. As for “economy”, historical context is important. The philosophy was increasingly relevant following the 1997 Asian financial crisis, when many companies closed.…

Analysis

Improving equality: Pursuing sustainable development by addressing the challenges to inclusive growth
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While Thailand has made remarkable progress in recent years in combating poverty, boosting access to education and health services for all and enhancing quality of life, progress has often been unbalanced. Some areas remain better off than others and income inequality remains a persistent problem. However, sustainable solutions in business – and ideas on sufficiency economy – are helping address this challenge, although much still remains to be done. In Numbers As a way to measure the country’s…

Analysis

Thinking local: Sufficiency economy principles are clearly visible in agriculture
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Agriculture has a special place in the history of sustainability in Thailand. It was in this field that King Bhumibol Adulyadej first assembled the ideas behind sufficiency economy. From early in his reign, the king began to experiment with agricultural projects on the grounds of the Chitlada Palace in Bangkok. These included dairy schemes, developing new crop varieties and fish farming. In 1953, the king also initiated the Khao Tao project, which saw the construction of a dam under his supervision…

Analysis

Path to success: Sustainable development projects under way in industry
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Thailand has seen phenomenal growth in its manufacturing industry over the last few decades, with the country establishing itself as a major base for both domestic and international industrial players. Key moments in this expansion were the decision to establish industrial estates in the 1970s; the switching to Thailand of much of Japan’s automotive manufacturing sector in the 1980s, due to lower wages and generous investment incentives; and the discovery of gas in the Gulf of Thailand, enabling…

Analysis

Aiming for balance: Applying principles of sufficiency economy to service sectors
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The services sector in Thailand has mushroomed in recent years, with tourism and hospitality, retail and finance all seeing major expansion. The first of these, tourism, is responsible for some 10% of the country’s GDP, with 29.88m tourists visiting the country in 2015. This provided the government with some BT2.21trn ($66.5bn) in revenue in 2015. Rapid Development In 2013, Thailand achieved the status of 10th-most-visited country in the world, with Bangkok the most visited city after London.…