Abstract
The economic crisis erupting from inadequate regulation of reckless banking practices in 2008 was correctly met by Keynesian-style stimulus packages in governments around the world. These measures were successful when they were sufficiently large, properly focused, and implemented promptly. Where these conditions were not met, as in the case of Thailand, the results were unimpressive and the problems not dealt with properly. However, the Thai version of the second part of the stimulus package, Thai Khem Kaeng, had in fact quite a different purpose and appears to have been intended to boost the popularity of the government at the cost of making unsustainable and uncosted deficits for the future. The lack of coherence at the economic planning centre of government and its questionable methods suggest that Thailand has continued the longstanding policy of making economic decisions for non-economic reasons.
Keywords
References
- Apivantanaporn, T. & Walsh, J. (2010): Innovative drivers for new business creation. Paper presented at the ICBER (Kuala Lumpur).
- Chandoevwit, W. (2010): The impact of the global financial crisis and policy responses in Thailand. TDRI Quarterly Review, 25(1), 12-24.
- Chantanusornsiri, W. (2009): From strength to strength. Bangkok Post 2009 Year-End Economic Review, 12
- Chu, Y-H. (1994): The realignment of business-government relations and regime transition in Taiwan. In MacIntyre, A. Ed., Business and Government in Industrialising Asia. Ithaca, New York: Cornell University Press, 113-41.
- Chung, H. W.C. (2009): Drivers of globalization: An evolutionary perspective on firm-state relations in the Asian newly industrialized economies. Papers in Evolutionary Economic Geography, #9.20 (University of Utrecht), available at: http://econ.geo.uu.nl/peeg/peeg.html.
- Gill, I. & Kharas, H. (2007): An East Asian renaissance: Ideas for economic growth. New York: World Bank.
- Hutton, W. (1996): The state we’re in. Revised edition. London: Vintage.
- International Labour Organization. (2010): Global wage report 2010/11: Wage policies in times of crisis. Geneva: ILO.
- Johnson, P. (1998). Analytic Induction. In Symon G & Cassell C. eds., Qualitative Methods and Analysis in Organizational Research. Sage, London.
- Kundu, A. (2009): Urbanization and migration: An analysis of trends, patterns and policies in Asia. Human Development Research Paper, 2009/16 (December) United Nations Development Project. Available at: http://mpra.ub.uni-muenchen.de/19197/.
- Manning, P.K. (1982): Analytical induction. In Smith, R.B. and Manning, P.K., Handbook of social science methods: Qualitative methods. Cambridge, MA: Ballinger.
- Moon, C-I. (1994): Changing patterns of business-government relations in South Korea. In MacIntyre, ed., op.cit. 142-66.
- Park, J.H. (2002): The East Asian model of economic development and developing countries, Journal of Developing Societies, 18(4), 330-53.
- Qiang, C. Z.-W. (2010): Broadband infrastructure investment in stimulus packages: Relevance for developing countries. Info, 12(2), 41-56.
- Skidelsky, R. (2010): Keynes: The return of the master. London: Penguin.
- Studwell, J. (2007): Asian godfathers: Money and power in Hong Kong and South-East Asia. London: Profile Books.
- Sussangkarn, C. & Jitsuchon, S. (2009): The sub-prime crisis and Thailand’s growth rebalancing. TDRI Quarterly Review, 24(2), 3-9.
- Theparat, C. (2009): Firms seeking state funds must match words with deeds. Bangkok Post Year-End Economic Review, 27.
- World Bank. (2010): Thai economic recovery still driven by export growth, World Bank says. Available at: http://go.worldbank.org/1EV62T8NR0.
Downloads
No downloads have been recorded for this article yet. Figures appear here once readers begin downloading the full text.
How to Cite
Share this article
License
Author (s) should affirm that the material has not been published previously. It has not been submitted and it is not under consideration by any other journal. At the same time author (s) need to execute a publication permission agreement to assume the responsibility of the submitted content and any omissions and errors therein. After submission of revised paper in the light of suggestions of the reviewers, the editorial team edits and formats manuscripts to bring uniformity and standardization in published material.
This work will be licensed under Creative Commons Attribution 4.0 International (CC BY 4.0) and under condition of the license, users are free to read, copy, remix, transform, redistribute, download, print, search or link to the full texts of articles and even build upon their work as long as they credit the author for the original work. Moreover, as per journal policy author (s) hold and retain copyrights without any restrictions.
Keywords
Section
Published
Submissions
Have research to publish? Journal of Economics and Behavioral Studies welcomes submissions.
Make a Submission