1st Edition

Business Groups and the Thailand Economy Escaping the Middle-Income Trap

By Natenapha Wailerdsak Copyright 2023
    280 Pages 25 B/W Illustrations
    by Routledge

    Business Groups and the Thailand Economy examines the role of business groups, specifically state, local, and foreign capitals in the economic development of emerging economies and highlights why business groups are essential in helping a country break out of the middle-income trap.

    Wailerdsak reviews Thailand’s industrial and economic growth strategies through the local and international investors and explains why business groups are one of the key drivers of economic advancement and why they help to avoid the middle-income trap. The author also examines their business power expansion methods, including selection and specialization, political influence, mergers and acquisitions, outward FDI and business alliances. The book concludes with policy recommendations of how the government can engage business groups to accelerate high-tech industrialization and create jobs.

    The middle-income trap issue faced by Thailand would be of interest to many emerging economies, especially scholars and policymakers researching on Asian business and management, Asian economies, developmental economics, political economy, policy studies, corporate governance, entrepreneurship, and private company strategic management in emerging countries.

    List of Figures  List of Tables  Preface  Acknowledgments  Introduction  Part 1: Theory and Issues  1. Catch-up industrialization theory  2. Middle-income trap  3. Developmental states and business groups  4. Dependency theory and multinational corporations  Part 2: Policies Toward Innovation-Driven Growth   5. Upper middle-income development model  6. High-income development model  7. EEC plan and foreign investors  Part 3: Thai Business Groups Approaching the Middle-Income Trap  8. Business Concentration  9. Expanding business power  10. Family business traps  11. Conclusion and policy recommendations   Index


    Natenapha Wailerdsak is currently an associate professor at Thammasat University in Thailand. She holds an economics PhD from the University of Tokyo. She was an assistant professor at the University of Tokyo’s Institute of Advanced Studies on Asia and a visiting scholar at the University of the Philippines’ School of Economics.