The Introduction of the Philosophy of Sufficiency Economy and Its Application to Consumer Context

Abstract

Thailand was one of the potential causes of the 1997 East Asian economic recession due to its lack of readiness in dealing with globalization. In fact, globalization can generate double-edged effects on a country's economic condition. While it can mitigate global inequality and poverty, it can also be considered as the determinant of trade imbalances, income inequality, and deterioration of natural resources. In order to enhance a balanced and sustainable development at society and country level, we believe that the well-being of each individual should be taken into consideration. This article introduces the concept of Philosophy of Sufficiency Economy (PSE) which highlights foundation building, enhancing immunities, and resilience in a globalized and modernized economic condition with the objectives of generating self-realization and resilient and sustainable development. Moreover, PSE consists of three intertwined concepts that are moderation, reasonableness, and self-immunity, together with two basic conditions, which are knowledge and morality. This concept of PSE can offer individuals a moderate "way of life," as well as an ability to protect and defend themselves from any unfavorable factors associated with the rapid changing economic conditions.