Implementing Sufficiency Economy Philosophy in Thai Businesses

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Recommended: Ethics and social responsibility in business

This paper looks at current condition of the improvement of the Adequacy Economy Rationality in the Thai business segment. The Philosophy Sufficiency Economy, serves as a guide in the way of living and behaving for people of all levels, and is scalable with universal domain applicability, including business organizations. His Majesty King Bhumibol Adulyadej quoted “Economic development must be done step by step. It should begin with the strengthening of our economic foundation, by assuring that the majority if our population has enough to live on…Once reasonable progress has been achieved, we should then embark on the next steps, by pursuing more advanced levels of economic development” (Adulyadej, n.d).
Keywords: Sufficiency, Moderation, Reasonableness, …show more content…

First, Sufficiency entails three components: Moderation, Reasonableness, and requirement for a Self-immunity system, i.e. the ability to cope with shocks from internal and external changes. Second, two underlying conditions necessary to achieve Sufficiency a is knowledge and morality. ‘Sufficiency Economy’ requires breadth and thoroughness in planning, carefulness in applying knowledge, and the implementation of those plans. As for the Moral/Ethical condition, ‘Sufficiency Economy’ enforces the conditions that people are to possess -- honesty and integrity -- while conducting their lives with perseverance, harmlessness and generosity. The Sufficiency Economy, Philosophy serves as a guide in the way of living/behaving for people of all levels, and is scalable with universal domain applicability, including business organizations (Piboolsravut, …show more content…

Business professionals concerned in adopting the philosophy can now conveniently use the ten ‘Sufficiency Economy’ business does as a guideline in running their businesses without having to significantly understand the actual philosophy. Policy inferences have also been conversed. More research into the application of the philosophy is encouraged to further enhance our understanding. As His Majesty King Bhumibol quotes the Philosophy of Sufficiency Economy is “…Many people misunderstood thinking that the Royal insight concerned only farmers. In fact, this can be applied by people from all walks of life, whether merchants, businessmen, government officials and

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