An article in business magazine Forbes has lauded the Sufficiency Economy Philosophy as a brilliant legacy of His Majesty the late King Bhumibol Adulyadej.
Kenneth Kim, an analyst and writer for Forbes, wrote an article titled “King Bhumibol of Thailand and Business Sustainability”, published on October 26, 2016.
In it he laments that the passing of Thailand’s monarch was not more widely reported in the United States, likely due to the country approaching its presidential election and media attention being turned to its candidates. Nonetheless, he remarked that due to his frequent visits to Thailand, he is well aware of the Kingdom’s reverence for the late King and its deep mourning over his passing.
The writer indicated that His Majesty the late King has left behind an astonishing legacy and that he chose to focus on His Majesty’s Sufficiency Economy Philosophy due to his own role as a market analyst and economics expert.
He explained that the philosophy was bestowed upon the Thai people following the country’s economic crisis in 1997 and detailed it in 3 main points; moderation; wisdom or insight; and the need for built-in resilience against the risks which arise from internal or external change. The article goes on to indicate that the philosophy is as applicable to business as it is to households, citing examples such as the Dot Com bubble and the World Financial Crisis of 2008 as times when moderation and sufficiency could have proven prudent.