Principles of Sufficiency Economy and Sustainable Development

The concerns regarding the direction of national development of Thailand and the problems caused, both directly and indirectly, by the process of national development led by H. M. Late Thai King Bhumibol Aduljadej to begin speaking about sufficiency economy. His Majesty’s first remarks on SE came out during a speech before the students of Kasetsart University on July 18, 1974. On December 4, 1974, on the occasion of His Majesty’s birthday anniversary the King’s royal speech emphasized step-by-step development on the basis of self-reliance, having enough to live and to eat, moderation, reasonableness, and self-immunity. Also, H. M. the King’s royal statement significantly raised consciousness of Thai people to be prudent, to realize steps of development which are academically correct, and to adhere to morals for every conduct of life. These all are known as “Sufficiency Economy (SE)”. The King’s thoughts regarding SE kept reappearing in his speeches and lectures with clear explanation of socio-economic and political contexts. However, the academics and economists had differing views regarding the sufficiency economy being part of mainstream economics and its significance amidst globalization and fast-pace economic development.