The Sufficiency Economy is a philosophy developed by King Bhumibol Adulyadej of Thailand through his royal remarks over the past three decades. The Sufficiency Economy is a happiness development approach, which emphasizes the middle path as an overriding principle for appropriate conduct by people at all levels. The middle path is a way of thinking in which no one lives too extravagantly or too thriftily. It encourages people to live in a way where they consume only what they really need, choose products carefully, and consider their impact on others and the planet. The sufficiency economy enhances the nation’s ability to modernize without defying globalization – it provides a means to respond to negative outcomes caused by rapid economic transitions. This philosophy is a guide to making decisions that will generate outcomes that are beneficial to the development of the country.
Thailand values this new economics philosophy as a practical tool to effectively manage capitalism in a way that aligns and engages it with social sustainable development. In doing so, Thailand hopes that this approach will foster accountability and empower people and their communities. More importantly, the main goal of The Sufficiency Economy is to measure economic development not just using GDP, but also by taking the reduction of social inequality and poverty into account. This philosophy is also expected to help prevent another economic collapse such as the one that occurred during the mid-90s, and to be a powerful tool for moving the nation overall economy upward.Triple Pundit
The Sufficiency Economy: a Thai Solution to Economic Sustainability
Presidio Economics
(h/t Yves Smith at Naked Capitalism)
Written by one of my former students
ReplyDeleteNice.
ReplyDelete" It could also be argued that many of the past economic recessions resulted from the greediness and shortsighted decision-making of a group of bankers and executives. I believe that integrating the concept of The Sufficiency Economy into our worldview will give us a different perspective that promotes gradual development based on self-reliance and the principle of having “enough.” "
ReplyDeleteThis looks good here definitely avoid the 'pleonexia'....
The other thing I would recommend for Thailand is be wary of getting all caught up in global "trade" as this seems to be where a lot of trouble starts... and the "more having" that this author is warning against can get waaaaay out of hand as the mercantilists work to foster excess domestic production that can be exported, regardless of what the real productive needs of the domestic economy are ... rsp,
Matt, I don't think that Thailand is going to be adopting the export-driven (mercantilist) "model of the Asian Tigers" and after the Asian financial crisis that began with the bhat in 1997, I think that will also be wary of foreign debt. They seem to be looking to achieve a healthy balance.
ReplyDeleteNice.
ReplyDeleteAnd agree with Matt: Never, ever, let mercantilist dictate policies and conducting the economy. They are as dangerous as financiers and bankers if you give them power (see what they have been doing in Germany or Japan, they are promoting internal deflation to keep a secure external flow of income).
This is the way to go, to encourage different behaviour than consumerism and secure meanings to achieve a good quality of life to everybody at the same time (a distribution of income and work problem).
Ignacio,
ReplyDeleteI see these two strategic operations, "debt" and "retail trade", as a "two pronged attack" on the human...
From the post:
"It encourages people to live in a way where they consume only what they really need, choose products carefully, and consider their impact on others and the planet. The sufficiency economy enhances the nation’s ability to modernize without defying globalization –"
Even if we consume (demand side) only what we really need, we are so productive that to "keep everyone busy" because "we can't afford to retire" surpluses seem inevitable, and then "without defying globalization" is where the mercantilist serpent slithers in...
rsp,