Sufficient Economy Philosophy - The Sufficiency Economy Philosophy is an innovative approach to development designed for practical application over a wide range of problems and situations.
- Location: Thailand
- By: Thailand
- Type: National
- Source: Ministry of Foreign Affairs, Kingdom of Thailand
- Year: 2002
- More information
Sufficient Economy Philosophy
The Sufficiency Economy Philosophy is an innovative approach to development designed for practical application over a wide range of problems and situations.
The Sufficiency Economy Philosophy was incorporated into the Ninth National Economic and Social Development Plan (2002-2006) as well as the Tenth Plan covering the period from 2007 to 2011. It is also part of the fundamental administration policy of the state, as stipulated in Section 83 of the Constitution of the Kingdom of Thailand of 2007, that The State shall encourage and support implementation of the Sufficiency Economy Philosophy.
At the individual and family level, it means living a simple life, living within one's means, and refraining from taking advantage of other people.
At the community level it involves joining together to participate in decision-making, developing mutually-beneficial knowledge, and appropriately applying technology. It favours the "natural principle" wherein one employs natural resources readily available in each locality.
At the national level, it postulates a holistic approach with an emphasis upon appropriateness, competitive advantage, low risk, and avoiding over-investment. It involves keeping abreast with what is happening elsewhere in the world, hedging investments, and reducing imports and over dependence on other countries.