A Siamese Tragedy

Book excerpt: Thailand has come to be known as the Fifth Tiger. With the Asian economic collapse of 1997-1998, this book poses the central question: Is this merely a short term crisis, or is there a real prospect of Thailand being pushed back into Third World status? The International Monetary Fund has intervened with an irrelevant, indeed damaging, policy package that promises to determine the outcome.A Siamese Tragedy argues that, even before the collapse, the Thai economy had feet of clay. Walden Bello and his co-authors show how vested interests, local and international, propelled the Thai people down a particular path which is unsustainable in terms of human exploitation, social disruption, ecological damage and economic fragility. Thailand, like the rest of the world, needs to rethink the fundamentals of its economic model.