HIS MAJESTY’S PHILOSOPHY OF SUFFICIENCY ECONOMY: AN ALTERNATIVE FOR THE SUSTAINABLE DEVELOPMENT OF THAILAND

The extreme application of capitalism and consumerism has lead to a destruction of natural resources and has corrupted the foundation of the country’s development system. This paper examines the theory of sustainable economy developed by His Majesty King Bhumipol Adulyadej. It stresses the middle path as the overriding principle for appropriate conduct and way of life by the populace at all levels. This applies to conduct and way of life at the level of individual, family and community, while providing a choice of balanced development strategy for the nation so as to develop in line with the forces of globalization, and shielding against inevitable shocks and excesses that may arise.“This sufficiency means to have enough to live on. Sufficiency means to lead a reasonably comfortable life, without excess, or overindulgence in luxury, but enough… The word to have enough is sufficient; sufficiency is moderation. If one is moderate in one’s desires, one will have less craving. If one has less craving, one will take less advantage of others. If all nations hold this concept – I don’t mean sufficiency economy – this concept of moderation, without being extreme or insatiable in one’s desire, the world will be a happier place.” His Majesty King Bhumibol Adulyadej4 December 199