—Thinkers and academics around the word are in search of alternative approaches to the Western economic model that signifies the capitalist economy which supports a short-term maximizing profit and optimizing its shareholder’s value. In 2006, after the UN Secretary General, Kofi Annan presented a Human Development Life-Time Achievement Award to His Majesty King Bhumibhol Adulyadej of Thailand, and the publication of UNDP Thailand Human Development Report about the Philosophy of Sufficiency Economy in 2007, his work has become worldwide recognized as an efficient means towards sustainable development with a focus on human development. The philosophy of Sufficiency Economy is basically a means to achieve happiness at the individual, community and country levels because the Sufficiency Economy Approach is applicable to the micro and macro levels. All the principles are much related to human development process toward right living, therefore right interaction and relation with other beings on this planet including natural resources. From this basis, the Philosophy of Sufficiency Economy provides a practical tool to cultivate necessary conditions and to alter human well-being through happiness development process.
—Sustainable economy, sufficiency economy, thai economy, thailand, king bhumiphol, king of thailand.
Anawat Bunnag is with the Philosophy and Religion, Assumption University, Bangkok, Thailand (e-mail: firstname.lastname@example.org).
Cite:Anawat Bunnag, "Sustainable Economic Development in Thailand," International Journal of Social Science and Humanity vol. 3, no. 1, pp. 39-42, 2013.