Generalising the Sufficiency Economy Concept: towards Stewardship and Circular Economy

Abstract

The ideas of the Sufficiency Economy Philosophy promoted by the late King Bhumibol (Rama IX) in Thailand as a balanced response to globalisation has been much misunderstood outside of Thailand and even been a source of bemusement to Western trained mainstream economists of the neoclassical tradition. This conceptual article seeks to rectify these misunderstandings by examining in depth the precise meaning of the sufficiency economy principle and the associated sufficiency economy philosophy of socio-economic development and to show its convergence with ancient European notions of stewardship of resources. It will be shown that the sufficiency principle is focussed on the demand rather than supply side and represents a call to restraint and a sense of responsibility to others in society in situations where resources are limited. The principle and the wider sufficiency economy philosophy flowing from it constitute a morally inspired call to avoid greed and for all economic actors (firms and consumers) to behave in effect in accordance with the principles of the Middle Way of Buddhist wisdom. It is shown how these ideas dovetail closely with the concepts of stewardship and good husbandry which emerge from the quest for environmental sustainability; and how from a semantic perspective the English term stewardship economy probably describes more precisely the sufficiency economy philosophy while at the same time preserving its moral significance. It is then in turn shown how principles of stewardship economy converge closely with the notions of the Circular Economy