After The Coup

I have to say that there aren't any signs of the recent coup that I have noticed since coming to Bangkok. However, this article in Salon suggests that this government is different and wants to protect Thailand from external economic forces:

Hard-core anti-globalization activists are thus put into the odd position of supporting an anti-democratic military takeover because the actions taken by that government jibe with their passions against greater global financial integration and the placing of intellectual property inviolateness above public health needs. Meanwhile, the international investment community is beginning to look back with longing at the pro-free trade regime of Prime Minister Thaksin. Sure, he may have been a corrupt demagogue who bought the people's love with handouts, but, darn it, he was a corrupt demagogue who believed what we believe!

It is no accident that the military government is making such decisions on both fronts. James Hookway, who has been doing great reporting on Thailand for the Wall Street Journal, traces it all back to the King.

The new government is also adopting some of King Bhumibol's long-held beliefs about promoting broader-based economic growth and better preparing Thais to withstand the buffeting that economic globalization can bring. This concept of "self-sufficiency" appears to be reflected in some of the government's recent moves, including the introduction of capital controls to prevent speculative money ramping up the value of Thailand's currency, and new measures to limit foreign shareholdings.

"Buffeting" is an interesting word. It is related to the word "buffer." King Bhumibol's great-grandfather, King Mongkut, was famous for resisting an earlier incarnation of globalization -- outright imperial conquest -- by cagily playing off Britain and France against each other, and therebye maintaining Thailand's independence as a buffer state between French holdings in Laos, Cambodia and Vietnam and English holdings in Burma and Malaysia. Is King Bhumibol attempting a similar feat, striving to find a way to insulate Thailand from the potential vicissitudes of economic conquest?

It's a risky game, even putting aside the question of whether more or less foreign investment is good or bad for Thailand. Already, there is talk in Bangkok of discontent with the pace at which the military government is steering the country back to democracy. King Bhumibol himself is 79, and not as fit as he used to be. A referendum of sorts on globalization is taking place in Thailand, but it's not at clear at all who is going to win when the final votes are tallied.

Comments

[Dave]

Do you see any of the aforementioned decisions affecting the tourist industry?

[MC]

No, tourism is the backbone of the Thai economy.