Definition of Sufficiency Economy
• Sufficiency Economy is a philosophy developed by His Majesty King Bhumibol Adulyadej that stresses the middle path as a guiding principle for people at all levels in pursuing their livelihood. It is applicable to the individual, families, communities, as well as at the national level.
• Thailand has adopted the sufficiency economy philosophy as a guiding approach to enhance its ability to withstand external economic turbulence and promote sustainable development. It must be stressed that the sufficiency economy approach does not aspire towards autarky. Nor does it advocate protectionism or going back to a subsistence economy. The sufficiency economy approach will allow Thailand to continue pursuing closer integration into the global economy with greater mindfulness.
• The sufficiency economy concept can be applied to all economic sectors of the country, in urban as well as rural areas. The approach is fully compatible with ideas such as risk management, corporate social responsibility and good governance.
• Economic development is but one element of the sufficiency economy approach. A holistic perspective is important to ensure its effective application. Responsibility to the environment, the cultural and societal dimensions are taken into account under this philosophy.
Philosophy of the “Sufficiency Economy”
“Sufficiency Economy” is a philosophy that stresses the middle path as the overriding principle for appropriate conduct and way of life by the populace at all levels.
This applies to conduct and way of life at the level of individual, family, and community, while providing a choice of balanced development strategy for the nation so as to develop in line with the forces for the nation so as to develop in line with the forces of globalization, and shielding against inevitable, and shielding against inevitable shocks and excesses that may arise.
“Sufficiency” means moderation and due consideration in all modes of conduct, together with the need for sufficient protection from internal and external shocks.
To achieve this, the application of knowledge with prudence is essential. In particular, great care is needed in the application of theories and technical know-how and methodologies for planning and implementation.
At the same time, it is essential to strengthen the moral fiber of the nation, so that everyone, particularly public officials, academics or theoreticians, businessmen and financiers, adheres first and foremost to the principles of honesty and integrity. In addition, a balanced approach combining patience, perseverance, diligence, wisdom and prudence is indispensable to cope appropriately with critical challenges arising from extensive and rapid socioeconomic, environmental, and cultural changes occurring as result of globalization.