He refined his thoughts in a document issued on 21 November 1999 which brought together his pronouncements from the previous two decades:
"Sufficiency Economy applies to conduct and way of life at individual, family, and community levels. At the national level, the philosophy is consistent with a balanced development strategy that would reduce the vulnerability of the nation to shocks and excesses that may arise as a result of globalization."
"At the same time, it is essential to strengthen the moral fibre of the nation so that everyone, particularly public officials, academics, business people, and financiers adhere to the principles of honesty and integrity. A balanced approach combining patience, perseverance, diligence, wisdom, and prudence is indispensable to cope appropriately with critical challenges arising from extensive and rapid socio-economic, environmental and cultural change. It requires thoughtful planning with a hedge against contingencies, and maintaining reserves of money and resources to tide one through bad times."
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.
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”.
The Sufficiency Economy Philosophy has also been recognized internationally. In the words of Mr. Kofi Annan, the then United Nations Secretary-General, during his visit to Thailand in May 2006 to present to His Majesty the United Nations Development Programme’s first ever Human Development Lifetime Achievement Award, “His Majesty’s “Sufficiency Economy” philosophy – emphasizing moderation, responsible consumption, and resilience to external shocks – is of great relevance to communities everywhere during these times of rapid globalization. The philosophy’s “middle path” approach strongly reinforces the United Nations’ own advocacy of a people-centred and sustainable path towards human development. His Majesty’s development agenda and visionary thinking are an inspiration to his subjects, and to people everywhere.”
In 2007, the United Nations Development Programme (UNDP) issued its annual Thailand Human Development Report focusing on “Sufficiency Economy and Human Development” noting that the Sufficiency Economy Philosophy is an innovative approach to development designed for practical application over a wide range of problems and situations, and owing to its practical nature, its robust simplicity, and its special relevance in the era of globalization, the approach deserves to be more widely known. The report further stated:
“The Sufficiency Economy is an approach to life and conduct which is applicable to every level from the individual through the family and community to the management and development of the nation. … This approach offers a way to cope with the unavoidable realities of the market and globalization in the contemporary world. The Sufficiency approach stresses that individuals need a certain measure of self-reliance to deal best with the market, and countries need a certain measure of self-reliance to deal with globalization. Sufficiency has the dual meaning of ‘not too little’ and ‘not too much’. The principle of moderation or middle way is a guide for finding the right balance between internal resources and external pressures, between the needs of society at the grassroots, and the imperatives of the global economy.” Noting that the Sufficiency Economy Philosophy is not a theory about how the economy of a country works, but rather a guide to making decisions that will produce outcomes that are beneficial to development, the UNDP’s report recognizes its relevancy and applicability not only to alleviation of poverty and community empowerment but also to corporate responsibility and standards of governance, as well as national policy to immunize a country against shocks and plan strategies for more equitable and sustainable growth. |
