Thailand 4.0: A new value-based economy and its implication on wellness business

Abstract

The research aims to explain Thailand’s value-based economy and its implications on wellness business. The research uses political and management theories namely, developmental state theory, neo-authoritarian developmental state theory, social network theory, social capital theory, diffusion of innovation theory, resource-based theory, and image theory to portray and applied into the case. Moreover, the research is a qualitative research by nature as it uses semi-structure interviews and focus groups to find the answers. The main finding of this research is that since 2002 where the Thai government has set “Medical and Wellness Tourism” as the country’s development strategy to make Thailand a “hub” for medical and wellness tourism—though the country’s politics has faced two coup d’états and the country’s administrations have been rough as it is controlled by different political groups—both, civilian and military, governments have followed the strategy and have highlighted medical and wellness business sector as one of their development strategies as well as policies. The conclusion of the research is that the military government has stepped forward from solely being authoritarian state and transform the country to become a neo-authoritarian developmental state where it practices capitalism while limits people participation in politics. On top of that, the state implements policies that benefit healthcare and wellness industry, especially SMEs, to assure that it achieves the goal of being a medical and wellness hub of the region.