Promoting Social Market Economy in Thailand

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Although the concept of a social market economy is not well-known in Thailand, there is a philosophy known as the "Sufficiency Economy," which is often adopted as a national development framework. Both emphasize ethical values in economics such as promoting fairness, sustainability, social responsibility, and social harmony while aiming to reduce economic inequality. However, the Sufficiency Economy focuses more on local economies and self-reliance, serving as a moral and ethical compass. In contrast, the Social Market Economy is systemic and policy-driven, offering structural tools such as social safety nets and monopoly preventing regulation to ensure competition and address inequality.

To bridge these two approaches and foster a more inclusive Thai economy with sustainable growth, Forward Foundation (FF), with support from KAS Thailand, is organizing a two-day workshop on the Social Market Economy and Sufficiency Economy. The event will be held at the Monte Mae Sot Hotel in Tak Province, a region facing persistent poverty.

The workshop aims to foster dialogue on how the principles of these two models can be applied in the Thai context, and to bridge the gap between theory and practice through business model development training. Target participants include municipal officers, community leaders, and vocational group leaders. The goal is to equip them with a strong understanding of the Social Market Economy, enabling them to apply its principles in practice and promote its adoption at the community level.