A Short Account of the Rise and Fall of the Thai Technocracy

Abstract

Thailand's sustained growth from the 1960s to 1990s was often attributed to a strong technocracy relatively free of political influence. Members of the first cadre of technocrats, which emerged in the 1950s, were mostly educated in Europe. In the "American" era, more were educated in the United States and believed the role of government was to provide a safe and liberal environment for capital, mostly through a fixed exchange rate and balanced budget. After 1975 the technocrats had to manage a more complex environment because of internal political conflicts and external shocks. They became more powerful because their skills were in demand and because they had strong backing from international institutions. During the boom that began in the mid 1980s, their grip on policy diminished. After the financial crisis of 1997, the technocrats were blamed for not adjusting to changes in the domestic and international economy.