Thailand

Thailand attracts record foreign investment, yet its economy grows at barely 2 per cent a year. Why does a country with world-class manufacturing, a global tourism brand and a capable central bank find it so hard to move up from middle income?In Thailand: Power, Markets and Ethics, economist and international investor Dr. Gil Feiler argues that the answer lies in politics rather than markets. For decades Thailand has been governed by a bargained order among the monarchy, the military-bureaucracy and Sino-Thai capital. That order delivered stability and fast growth, but today it protects concentrated markets, weakens institutions and blocks the reforms the country needs.Drawing on Thai-language sources, official data and the latest developments through October 2026, the book covers:the historical foundations of Thai capitalism, from the Bowring Treaty to the 1997 crisis;the triangle of power, the economic cost of coups and the 2026 election;the growth model, the productivity problem and the US-China trap;conglomerates, market concentration, the power sector and 'grey capital';demography, inequality, household debt, labour and the Deep South;corruption, procurement, whistleblowers, capital-market fraud and scam networks.Sixteen case studies bring the analysis to life, including CP’s acquisition of Tesco Lotus, the True-DTAC merger, the rice-pledging scheme, the 2011 floods, cannabis liberalisation, universal health coverage and the EU’s 'yellow card' on forced labour in fishing.Written for policymakers, investors, executives and board members, the book combines political economy with business ethics and ends with scenarios to 2035, a dashboard of indicators to watch, a sector outlook for investors and a practical roadmap for reform.Dr. Gil Feiler has visited Thailand many times over several decades. This book is dedicated to the Thai people, with the conviction that the country can do better and deserves to.