ABSTRACT

Thailand’s promise of evolving into a modern society with a prosperous economy and functional democracy dates to 1932, when Siam (as it was formerly called) transitioned from absolute to constitutional monarchy. Since that time, the country’s people have demonstrated a remarkable capacity to generate economic growth and improve their quality of life. Ranked among Southeast Asia’s “tiger economies,” Thailand trailed the rise of Asia’s miracle economies by a decade or so. Although it has yet to reach the economic heights of South Korea, Taiwan, Hong Kong, or Singapore, its complex modern economy participates fully in today’s global supply chains, financial markets, and digital-savvy consumer culture. Compared to its immediate Southeast Asian neighbors, Thailand’s economic progress over the past fifty years is wholly measurable in quantitative and qualitative terms. Its 68 million people enjoy the highest level of overall development in mainland Southeast Asia. 1