The other day Sumet Tantivejkul, a former chief of Thailand's National Economic and Social Development Board (NESDB), accepted an invitation from the British Council and the British Chamber of Commerce in Thailand to give a public address on His Majesty the King's initiatives on sufficiency economy for sustainable development.

The presentation, marking the 60th anniversary of His Majesty's accession to the throne, was bilingual, but Sumet, who is well versed in foreign languages, especially French, was requested by the organisers to speak in Thai as the majority of the audience were locals.

In his speech Sumet criticised, with a few apologies, the Western mainstream development model.

He said Thailand had been following this mainstream thought on economic and social development for decades, with high economic or GDP growth rates being the sole indicator of success. From the late 1960s until the 1997 economic crisis, annual growth rates ranged between 7 and 10 per cent per annum. But the price of such success was that plenty of natural and other resources were used up in driving exports or tourism, at the expense of local people and the environment.

For instance, today the worth of trees and forests are considered only in terms of how much they would fetch in the market per cubic metre, even though in nature they play the vital role of reducing carbon dioxide and providing clean air for us to breathe.

In other words, capitalism and market economics have effectively turned logs and wood into precious commodities with an attractive market price, resulting in more widespread illegal felling of trees across the country.

Sumet, who received a baccalaureat philosophie from France's Academie de Montpelier, and graduated with a PhD in political science from Montpelier University, asked whether Thailand should continue to embrace the mainstream development model without any question.

A leading authority on His Majesty's initiatives on a "sufficiency economy" and a committee member and secretary-general of the Chai Pattana Foundation under royal patronage, Sumet suggested that such an economy could be an alternative for more sustainable growth, as it is the middle path for maximising economic benefit and utilising a country's full potential.

It's a misunderstanding if people think that a sufficiency economy is only for the poor or the grass-roots population, or that a sufficiency economy will take the country backwards or make people even poorer, he said.

His Majesty's concept of a sufficiency economy embodies three key ideas: moderation, rationale and immunity.

"Moderation" refers to a country basing its development model on its full potential. "Rationale" to a country choosing a logical path for national development. And "immunity" to a country ensuring that it manages risks properly.

In Sumet's opinion, people will appreciate the merits of a sufficiency economy when they have a better understanding of the world and of themselves. After 1997, more and more people as well as businesses have come to appreciate such a philosophy as they gained more wisdom from the economic crisis.

Sumet said the world population would continue to grow sharply. Today, we have some 6 billion people, which will soon rise to 7 billion. This means consumption will grow relentlessly, as will the use of natural resources. Consumerism and conspicuous consumption promoted by attractive packaging and powerful advertising mean natural resources will be overused to the point that their natural replenishment will lag far behind.

The result will be intensified cross-border competition for oil, water and other resources.

Sumet, who also received a diploma in political science from Grenoble University, said a sustainable economic development model was one that is better balanced.

"If we could develop the national economy like a good balloon, which means putting in just enough air, then that balloon will be quite long-lasting. On the other hand, if we put too much air into the balloon, as we did prior to the 1997 crisis, then it becomes a bubble economy and explodes. [After 1997] we ended up with some Bt3 trillion worth of public debt. Everyone suffered," he said.

After his candid presentation, Sumet fielded a couple of questions from the floor, including those from a Chulalongkorn University researcher. While Sumet encouraged foreigners attending the event to also pose questions, he got none. One reason could be that he had jokingly suggested that the foreign audience might ask their questions in English but he would answer in French.

Nophakhun Limsamarnphun

nop1122@yahoo.com