The Sufficiency Economy Philosophy

The Sufficiency Economy philosophy is a philosophy introduced by King Rama 9 in 1994 (2537). This philosophy was an alternative management plan for solving the economic crisis in 1997 (2540). At the time of the economic crisis, many organizations were closed because there were not enough business activities and no income coming to companies. Actually, the crisis affected many people, especially people in the countryside. For this reason, many people were unemployed, and they went back to their hometown and lived as farmers by growing an agricultural crop or animal feed to survive. There are three reasons why the best way of Thai life for a group of people in the countryside is to follow the Sufficiency Economy philosophy; namely, it economizes, …show more content…
The three concepts of this philosophy compose of moderation, reasonableness and self-immunity (Wibulswasdi, Piboolsravut, & Pootrakool, 2011). Specifically, moderation means not too much or not too little for individual consumption. Reasonableness concerns decision-making for the benefit of long term effects rather than short term solutions. Self-immunity means creating risk-planning to avoid damage that may occur in the future. In addition, many people or groups of people and organizations who have applied the Sufficiency Economy philosophy have been successful in their life. Finally, they can work freelance, be secure in the job, and be self-reliant because they can develop their knowledge to create risk planning and focus on long term farming development. Consequently, the Sufficiency Economy philosophy gives them …show more content…
For example of an individual who is successful for applying the Sufficiency Economy philosophy; Mrs. Koshama Lamaanaa is a farmer in Narathiwat Province (ORDPB, 2017). She has learned the application of the philosophy theory. Furthermore, she has a superior way of living. Moreover, she knows how to grow organic vegetables for consumption. Also, she is healthy because she can exercise and has energy and lives in the clean and fresh air. For example of a group of people, in Padang Community, joined together to apply the

Sufficiency Economy philosophy to improve their community by producing handmade products for sale. In addition, sometimes business people can apply this philosophy in their company such as, the Bathroom Design Company in Bangkok uses it to develop their business and recover from bankruptcy. Hence, the Sufficiency Economy philosophy offers you