Uncertainty and Economic Sociology: A Preliminary Discussion
Author(s)
Dequech, David
Abstract
The paper discusses Thailand’s initial failure in implementing its national economic and social plan, called Sufficiency Economy, which is rooted in Buddhist principles. The author argues that the failure was mainly due to the assumption that the Sufficiency Economy plan was compatible with capitalism and free markets, principles embraced by both the Thai private and public sectors. As result the Sufficiency Economy plan was co-opted to support mainstream economics. The paper reviews Thailand’s economic development since the 1960’s and concludes that the result was environmental degradation, rural debt and social breakdown. In response, some farmers fought back by reducing exposure to the market, with the concept of the Sufficiency Economy slowly becoming associated with other concepts such as participatory democracy and collective action. The author argues that in order for the Sufficiency Economy philosophy to support community-based alternatives that are broadly in line with its principles and objectives, it must give more recognition to the need for cooperative, collective, democratically-decided action and the political space required for this to happen. It must also divert government resources, which are currently directed to the private sector, to support community-based Sufficiency Economy alternatives and protect natural resources from degradation, commodification, and privatization.
