Essay - Sustainable Development Through Human Resources And Institutions Development: A Thai Perspective

Sustainable development has been a topic of discussions and debates among government officials, business professionals and other members of the society since the beginning of globalization more than two decades ago.   Numerous attempts around the world, including Good Governance and Corporate Social Responsibility, have been made to ensure sustainable development.   In this essay, an alternative approach to sustainable development called the Sufficiency Economy Philosophy is introduced.   Although the philosophy encompasses sustainable development in many fronts (e.g. individuals, communities, agriculture, government), the focus of this essay is on corporate sustainability since business organizations undoubtedly play a pivotal role in sustaining any economy and society.   Clearly, corporate sustainability covers in significant part the development of human resources and business institutions.
Most businesses in Thailand have long adopted the Anglo/US capitalism model of short-term maximization of shareholder value. Major principles underlying the Anglo/US approach focus on maximizing stock prices, interest of major shareholders, and transparency in financial transactions. The Thai business sector has been badly affected by the 1997 Asian economic crisis.   Numerous business organizations have been collapsed and/or taken over by foreign investors. In particular, Thai SMEs, which employ approximately 90% of the Thai workforce, have been greatly affected by the crisis. This situation does not support the long-term social and economic development of Thailand.
After the 1997 Asian economic crisis, a philosophy called Sufficiency Economy was reiterated by His Majesty King Bhumibol Adulyadej, the world’s longest reigning monarch, as an approach to develop a more resilient and sustainable economy in Thailand.   The Sufficiency Economy Philosophy stems from remarks made by His Majesty King Bhumibol Adulyadej throughout his years on the throne.   It stresses the вЂ?middle’ path as...