Abstract
Investments in human capital have been shown to positively influence the development of the agricultural industry in regions across the globe. After the Asian Financial Crisis of 1997, therefore, Thailand’s King Bhumibol Adulyadej (The King) adopted the Sufficiency Economic Philosophy (SEP) that empowered the country through critical investments in human capital, which led to a transformation of its agricultural system. In this case study, we examined Thai agricultural leaders’ reflections on the role of SEP in catalyzing such changes. Findings from this investigation emerged in the form of two investments that Thailand made in human capital through the SEP: (1) education, and (2) the establishment of the Royal Projects. Three outcomes also emerged that represent how growth was experienced in the nation’s agricultural system as a result of such investments: (1) individual development, (2) economic development, and (3) societal development. As a result, this investigation’s findings could help extension professionals diffuse agricultural innovations in ways that align better with the unique values of Thailand while also helping to improve the production of agricultural commodities.
Highlights
Introduction and Problem StatementAfter the Asian Financial Crisis of 1997, Thailand’s government was forced to reevaluate its financial policy, reallocate investments, and adopt an alternative development approach (Lauridsen, 1998)
The King argued that Sufficiency Economic Philosophy (SEP) encompassed a holistic and ethical approach toward development that could coexist with other economic systems throughout the world while allowing the country to uphold cultural norms rooted in Buddhist traditions (Essen, 2010)
The findings for this study emerged in the form of two investments that The King made in human capital through the SEP: (1) education, and (2) the establishment of the Royal Projects
Summary
Introduction and Problem StatementAfter the Asian Financial Crisis of 1997, Thailand’s government was forced to reevaluate its financial policy, reallocate investments, and adopt an alternative development approach (Lauridsen, 1998). A result, King Bhumibol Adulyadej (The King) implemented the Sufficiency Economic Philosophy (SEP) throughout the country (Essen, 2010). SEP is grounded on three pillars: (1) moderation, (2) reasonableness, and (3) and mitigating risk during decision-making (Kansuntisukmongkol, 2017). It is believed that individuals must possess knowledge and virtue to uphold each pillar (Wibulswasdi et al, 2012). The King argued that SEP encompassed a holistic and ethical approach toward development that could coexist with other economic systems throughout the world while allowing the country to uphold cultural norms rooted in Buddhist traditions (Essen, 2010)
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