Abstract
During the ‘golden decade’ (1987–96), Thailand was one of the fastest growing economies in the world and a top exporter of manufactured goods. What was the Thai approach to openness and world market integration during this period? In particular, what was the developmental potential of this export-led industrialization? In this article it is argued that premature financial liberalization and premature shifting to high-tech exports produced vulnerability and shallowness rather than sustainable industrial development in Thailand. The article discusses the Thai experience against three contending approaches to economic globalization – the ‘making openness work’ approach, giving priority to factor accumulation; the ‘strategic world market’ approach, giving priority to learning; and the ‘deep integration’ approach, giving priority to competition.
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