Connect with us

Environment

Sufficiency Economy: Thailand’s Point of View and Experience

Thailand Sufficiency Economy concept is meant as a development alternative based on an attitude toward life that encompasses three components, namely moderation, reasonableness, and self-immunity.

Aishwarya Gupta

Published

on

The Sufficiency Economy

Secretary-General of the United Nations Conference on Trade and Development (UNCTAD), Dr. Supachai Panitchpakdi, has urged every nation to build self-reliant and well-managed economy or Sufficiency Economy, so as to tackle and solve economic problems.

Loading...

The call was part of Dr. Supachai’s opening keynote address under the theme “Sufficiency Economy and the Direction of Sustainable Development,” at the Meaning of Sufficiency Economy International Conference, held on 16-17 February 2012 at Plaza Athénée Hotel in Bangkok.

The Sufficiency Economy

The Sufficiency Economy is meant as a development alternative based on an attitude toward life that encompasses three components, namely moderation, reasonableness, and self-immunity.

He also stressed that not only poor countries but also rich ones should adopt the Sufficiency Economy, and that charity donations or financial assistance are not the best solutions.

A number of people from various fields, both in Thailand and from overseas, gathered at the international conference, organized on the occasion of the celebrations on the Auspicious Occasion of His Majesty the King’s 7th Cycle Birthday Anniversary on 5th December 2011.

Among Thailand’s leading institutions, the National Assembly, King Prajadhipok’s Institute, Thammasat University, Office of the National Economic and Social Development Board, Thailand Development Research Institute, Research and Development Institute of Sufficiency Economy Philosophy Foundation, and the Pridi Bhanomyong Institute, have joined hands to hold the Meaning of Sufficiency Economy International Conference.

The primary purpose of this conference was to explore the state of research and practice of the sufficiency philosophy on various levels. It also encouraged academics and development actors from relevant theoretical backgrounds to share their experiences and express their views on Sufficiency Economy, in order to further develop cooperation in the near future.

The topics of discussions included “Sufficiency Economy: Thailand’s Point of View and Experience”, “Sufficiency Economy and Mainstream Economic Theory”, “Sufficiency Economy and Grassroots Development”, “Sufficiency Economy and Business Ethics”, and “Sufficiency Economy, Education, Values and Alternatives to Globalization.”

Thailand is applying the philosophy of Sufficiency Economy, advocated and developed by His Majesty the King Bhumibol Adulyadej, to national administration and all fields of development. This philosophy has become the country’s approach to development strategies and policies.

The Sufficiency Economy is meant as a development alternative based on an attitude toward life that encompasses three components, namely moderation, reasonableness, and self-immunity.

via Around Thailand — International Conference on Sufficiency Economy in Bangkok.

Since HM the King introduced the idea of ‘sufficiency economy’ in his birthday address in December 1997, the idea has gained currency among Thailand’s political institutions, academics, and the wider public. The rapid circulation of sufficiency economy owed much to the experiences and disillusionment during the unfolding Asian economic crisis in the same year.

However, the meaning of the philosophy remained unclear to many for years following the speech. Its features gradually took shape after the adoption of sufficiency economy as Thailand’s national development paradigm. The UNDP Report on Thailand in 2007 aimed to outline the concept more clearly by citing the application of the philosophy in various societal sectors, namely the grassroots level, business, and the national economy.

Sufficiency economy, taking form through the contributions of various institutions and academics, has seen a wide range of interpretations of its aim and origins, as well as different views about its application. Today there is widespread agreement that sufficiency economy is meant as a development alternative based on an attitude towards life that encompasses three components: moderation, reasonableness, and self-immunity.

Questions however remain, such as: What makes sufficiency economy different from other development alternatives, notably those that stress sustainability and empowerment of communities? Is it applicable by all the actors as are cited in the UNDP Report? To what extent can it be incorporated in a country firmly integrated in the globalized economy?

Comments

Environment

Southeast Asia remains a hot spot for plastic pollution

The use of plastics is deeply embedded in our daily lives, in everything from grocery bags and cutlery to water bottles and sandwich wrap. But the quest for convenience has gone too far and we are failing to use plastics efficiently, wasting valuable resources and harming the environment.

Victoria Kwakwa

Published

on

Southeast Asia has emerged as a hot spot for plastic pollution because of rapid urbanization and a rising middle class , whose consumption of plastic products and packaging is growing due to their convenience and versatility.

Loading...
(more…)

Continue Reading

Environment

Diamonds are forever but “James Bond Island” in Phang Nga Bay may not

Boris Sullivan

Published

on

Thailand’s Department of Mineral Resources will assess the stability of the limestone karst towers, which make up the chain of islands, after several similar rock formations, in both the Gulf of Thailand and the Andaman Sea, have collapsed.

Loading...
(more…)

Continue Reading

Environment

Climate Change: how Asia-Pacific will affect the whole planet

Pursuing a green recovery in the aftermath of COVID-19 might sound daunting, but it’s actually a great opportunity to direct recovery spending into stimulating sustainable jobs and growth and fight climate change.

Avatar

Published

on

Forget the poetic flap of a butterfly’s wings in Beijing causing rain in Central Park. Climate change issues in Asia-Pacific are measured in superlatives. The world’s biggest population. Two of the three largest carbon dioxide-emitting countries and the largest share of emissions globally.

Loading...
(more…)

Continue Reading

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 14,079 other subscribers

Latest

Trending