Modernization of Thailand and the Globalization Process in a Historical Context: Case study
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The author analyzes the problems of Thailand's modernization and its integration into a globalizing world through the prism of centuries-old Thai history. He examines the historical prerequisites for the modernization of this Asian country and the modernization policies of Thai kings in subsequent periods. Particular attention is devoted to the process of Thailand's transformation into one of Southeast Asia’s "new tigers or dragons," the role of supply and demand factors, and the transition of the Thai economy to a lower growth trajectory after the 1997–1998 Asian crisis. The econometric analysis covers 70 years between 1950 and 2020. It was conducted using primarily a general growth model built within the framework of a global economic study covering 131 countries, including Thailand, with a focus on manufacturing. This endogenous Kaldor-type model with a built-in mechanism for technical progress takes into account not only physical and human capital but also time in the role of an event space for creative economic activity, making it possible, in particular, to compare total factor efficiency with the global level.
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