International Journal of Social Science and Humanity, Vol. 3, No. 1, January 2013 39 DOI: 10.7763/IJSSH.2013.V3.190 Abstract—Thinkers and academics around the word are in search of alternative approaches to the Western economic model that signifies the capitalist economy which supports a short-term maximizing profit and optimizing its shareholder’s value. In 2006, after the UN Secretary General, Kofi Annan presented a Human Development Life-Time Achievement Award to His Majesty King Bhumibhol Adulyadej of Thailand, and the publication of UNDP Thailand Human Development Report about the Philosophy of Sufficiency Economy in 2007, his work has become worldwide recognized as an efficient means towards sustainable development with a focus on human development. The philosophy of Sufficiency Economy is basically a means to achieve happiness at the individual, community and country levels because the Sufficiency Economy Approach is applicable to the micro and macro levels. All the principles are much related to human development process toward right living, therefore right interaction and relation with other beings on this planet including natural resources. From this basis, the Philosophy of Sufficiency Economy provides a practical tool to cultivate necessary conditions and to alter human well-being through happiness development process. Index Terms—Sustainable economy, sufficiency economy, thai economy, thailand, king bhumiphol, king of thailand. I. INTRODUCTION Thinkers and Academics around the world are in search of alternative approaches to the Western economic model that signifies the capitalist economy which supports a short-term maximizing profit and optimizing its shareholder‟s value. They contend that capitalism with its Western business practice could not lead to corporate sustainability [1]-[3]. It was not until 1997 that the Philosophy of Sufficiency Economy (PhilSE) has become publicly acknowledged when Thailand had to devalue its currency and obtained loans from the IMF. His Majesty King Bhumibol Adulyadej mentioned a remedial process in his address on the eve of his birthday anniversary on December 4, 1997 that “Recently, so many projects have been implemented, so many factories have been built, and that it was thought Thailand would become a little tiger and then a big tiger. People were crazy about becoming a tiger. Being a tiger is not important. The important thing for us is to have a sufficient economy. A sufficient economy means to have enough to support ourselves. A careful step backward must be taken. A return to less sophisticated methods must be made with less advanced instruments. However, it is a step backward in order to make further progress.” [4] Manuscript received October 10, 2012; revised December 24, 2012. Anawat Bunnag is with the Philosophy and Religion, Assumption University, Bangkok, Thailand (e-mail: anawatbunnag@hotmail.com). The Philosophy of Sufficiency Economy has originated from a life-long accumulation of knowledge and experiences of His Majesty the King during his life-long devotion to provide a mean toward community development which has been evident for more than 60 years. He has always concerned with sustainable development so that human can live in balance with nature and other beings. Later, in his royal speech on December 4, 1998, His Majesty explained more on the Philosophy of Sufficiency Economy that: “This „sufficiency‟ means a „sufficiency economy.‟ It is satisfactory if each individual has enough to live on, but it is even better if the entire country has enough to live on. We in Thailand used to be sufficient. Now, it is free to be insufficient. Therefore, it is a policy to adopt a sufficiency economy so that everyone has enough to live on. Sufficiency means to lead a reasonably comfortable life, without excess or overindulgence in luxury but having enough.” [4]. Moreover, His Majesty also explained that Sufficiency Economy differs from the English term and idea of “self-sufficiency” that. “Self-sufficiency means producing enough for one‟s own need, without having to borrow anything from others, or as they say, standing on one‟s own feet. But the Sufficiency Economy concept is much broader than that. Sufficiency is moderation. If one is moderate in one‟s desires, one will take less advantage of others. If all nations hold this concept, without being extreme or insatiable in one‟s desires, the world will be a happier place. Being moderate does not mean to be too strictly frugal: luxurious items are permissible, but one should not take advantage of others in the fulfillment of one‟s desires. Moderation, in other words, living within one‟s means, should dictate all actions. Act in moderation, speak in moderation that is, be moderate in all activities. Therefore, sufficiency means moderation and reasonableness.” [4] In 2006, after the UN Secretary General, Kofi Annan presented a Human Development Life-Time Achievement Award to the King, and the publication of UNDP Thailand Human Development Report in 2007, his work has become worldwide recognized as an efficient mean towards sustainable development with a focus on human development [5]-[6]. II. SUSTAINABLE ECONOMIC DEVELOPMENT The ultimate goal of development in today‟s world has shifted from that of economic growth to improvement of human well-being because the majority of the world‟s populations still suffer from lacking of basic necessities in life Sustainable Economic Development in Thailand Anawat Bunnag