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This chapter on Thai business groups shows an interesting case of deep state involvement and ethnic conflict. The Thai government tried to restrict ethnic Chinese businesses and to promote indigenous capital. To counter Chinese dominance, the government set up many state-owned enterprises and semi-governmental companies. Under the military regime, major profitable industries were monopolized by the state. In order to operate in this business environment, the ethnic Chinese established close ties with the politicians, particularly the military leaders. These Sino-Thai businessmen provided top government officials capital and the entrepreneurial and managerial expertise that these officials lacked. Although the Asian Crisis severely affected Thailand, Thai business groups’ ownership and governance structures did not change. Only banks and finance companies were closed down or taken over by the government and foreign financial institutions.

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