The first section of this chapter provides a summary of three previous studies of the role of business groups and economic development, with an emphasis on Thailand and Asian nations, followed by this book’s original research. The second section discusses the principal themes on escaping the middle-income trap by a shift from business group to managerial corporate governance based on successful latecomer nation experience.es. The final section comprises five policy recommendations of Thailand: industrial upgrading policies should reduce key industry monopolies and promote startups; EEC projects should diversify large company ownership; investment funds should move from family capitalism to managerial capitalism; technology should promote sound labour relations; human resources should favour professional managers over family managers.The Thai government must again engage with business groups to generate a big push for high-tech industrialization, thereby creating a good jobs economy.