Dependent development: a study of Thailand's economy within the world capitalist system : a thesis presented in partial fulfilment of the requirements for the degree of Master of Philosophy in Development Studies at Massey University
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Date
2003
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Massey University
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Abstract
Since Thailand was engaged by the Bowring Treaty with the British
Government in 1855 ( Phongpaichit & Baker, 1995:15), the country has been pulled
into the circle of world capitalist development. Hewison (1989) has distinguished
three phases in the capitalist development in Thailand. The first phase was in the
period of the absolute monarchy when a capitalist class (the Royal family and
aristocracy) emerged from trading with Chinese and European traders. The second
phase allowed the emergence of a petty bourgeoisie and labour class, especially after
the Second World War. The bourgeois class grew by the conglomeration between
Thai and Chinese tycoons dominating the transaction sectors of banking,
manufacturing, and agro-industry. The last phase began in the 1970s with the new
generation of capitalist classes. These classes performed their economic activities in
high technology and higher value-added manufacturing. At the same time, uneven
development can be seen in the disparity between rich and poor, urban and rural
area. This unevenness seems to be broader and more severe, from the statistics of
Thailand's annual household income by region , between 1962-1995 (Medhi
Krongkaew, cited in Rigg 1997:88), the scissor effect in the growth ratio between
those m Bangkok and other regions is prevalent.
In this thesis, the focus will be put on the latter of these phases, especially
at the beginning of the 1960s - which has been known as the period of Cold
War - in conjunction with the launch of the first national economic and social
development plan in Thailand. This development will be reviewed until the regional
economic crisis in 1997-1998 and some information of IMF assistance to Thailand
will be drawn upon to assess the exemplification of the Thai economy as a
dependent capitalist development. [First two paragraphs of chapter 1.]
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Keywords
Thailand, Economic conditions, Economic policy