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The political economy of the Thai crisis

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  • Pasuk Phongpaichit
  • Chris Baker

Abstract

This paper looks at the background to Thailand's crisis of 1997 from the viewpoint of the local political economy. The policy regime which had managed stable growth before 1985 was destroyed by a coalition of newly empowered technocrats, new business groups, and the neoliberal World Bank/IMF. This coalition promoted financial liberalization, but had neither the ideological coherence nor the political power to manage the consequences. The neoliberal enthusiasm for free markets, especially in finance, is based on a naive view of political realities and of the relationship between politics and business.

Suggested Citation

  • Pasuk Phongpaichit & Chris Baker, 1999. "The political economy of the Thai crisis," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 4(1), pages 193-208.
    • Handle: RePEc:taf:rjapxx:v:4:y:1999:i:1:p:193-208
    DOI: 10.1080/13547869908724676
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    Cited by:

    1. Jomo K.S., 2006. "Growth with Equity in East Asia?," Working Papers 33, United Nations, Department of Economics and Social Affairs.
    2. Allen Hicken, 2004. "The Politics of Economic Reform in Thailand: Crisis and Compromise," William Davidson Institute Working Papers Series 2004-638, William Davidson Institute at the University of Michigan.

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