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thaksinomics paper draft

thaksinomics paper draft - Thaksinomics the impact of the...

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Thaksinomics & the impact of the the global economy on Thailand The Thai economy has performed quite well in recent years prior to the "global financial crisis". Of particular interest is a set of economic policies implemented during this period which are credited with the explosive growth. Dubbed "Thaksonomics" these more recent polices are quite different than previous economic policy and represented a great hope for a robust economic future (particularly in the afermath of the Asian financial crisis) for many in Thailand. "We must accept that the global economic landscape in the new millenniium is much different than in preceding decades," said former Thai Prime Minister Thaksin Shinawatra. In general, souteast asian economies are quite open to foreign trade, however this also left thecountry vulnerable to economic and political shocks emanating from outside the country. Thaksinomics (a portmanteau of "Thaksin" and "economics") is a term used to refer to the economic set of policies of Thaksin Shinawatra, Prime Minister of Thailand from 2001-2006. There has been considerable controversy over the role Thaksinomics has played in Thailand's recovery from the 1997 Asian financial crisis. Among the most prominent advocates of Thaksin's economic policies is Morgan Stanley economist, Daniel Lian. Overview - Economics Thailand Statistics * United Nations: Human Development Index, ranked 74 out of 177 countries * Nominal GDP growth rate: ranked 123 of 215 (4.4% growth rate) * Nominal GDP: 36 of 181 ($173b USD) * A.T. Kearney/Foreign Policy Magazine: Globalization Index 2005, ranked 46 out of 62 countries * IMD International: World Competitiveness Scoreboard 2006, ranked x out of 60 economies (countries and regions) * The Wall Street Journal: 2006 Index of Economic Freedom, ranked 71 out of 155 countries * The Economist: Worldwide Quality-of-life Index, 2005, ranked 42 out of 111 countries * World Economic Forum: Global Competitiveness Report 2006-2007 Growth Competitiveness Index Ranking, ranked 35 out of 125 countries Thaksinomics is a populist set of economic policies aimed at Thailand's rural people, who make up the majority of the country's population. The policies of Thaksinomics have included: A four-year debt moratorium for farmers, combined with orders to Thailand's state-owned banks to increase loans to farmers, villages and SMEs (small and medium-size enterprises) at low interest rates. Subsidized transportation vehicle fuel prices, starting January 2004 in order to alleviate the impact of rising world oil prices on consumers. The government has also forced the state-owned electricity
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company EGAT to partially subsidize electricity tariffs. In the policy of public health, Thaksin started the 30 Baht universal healthcare program, which guarantees universal healthcare coverage for just 30 Baht (about .75 USD) a visit at state hospitals. However, The universal healthcare program for public hospitals has failed. The One Tambon One Product (OTOP) program, which stimulates the development of rural small and medium-sized enterprises. Thaksin has pushed for continued privatization of state-owned enterprises. Although it is a continuation of the Democrat-initiated policies
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