> Thais are incredible people and don't understand why they can't seem to keep a functioning civil government lately. Maybe middle income trap is the explanation
Imo, it's the other way around. Thailand wasn't able to build strong institutions as that would have meant devolving power from the Military, Monarchy, and Crony Capitalists. This meant that economic reforms that would have helped Thailand recover from 1997 were not enacted as they would have undermined a lot of well connected and powerful people.
South Korea was roughly comparable to Thailand in the 1990s (and one of my professors who worked on Korean democratization confirmed this back in the day), but the IMF and US forced Korea to enact harsh reforms that helped them recover by the 2000s and become a developed country.
Also, a number of Thai business families were ethnic Chinese with ancestry in Guangdong, so a number of those families like the Chearavanonts decided to invest in China (the first privately owned companies in China were all Chearavanont funded because they had familial relations with the post-Mao leadership in Guangdong) [0] instead of in domestic R&D, while Korean chaebols didn't have a similar option and preemptively began investing in R&D in the 1990s.
Imo, it's the other way around. Thailand wasn't able to build strong institutions as that would have meant devolving power from the Military, Monarchy, and Crony Capitalists. This meant that economic reforms that would have helped Thailand recover from 1997 were not enacted as they would have undermined a lot of well connected and powerful people.
South Korea was roughly comparable to Thailand in the 1990s (and one of my professors who worked on Korean democratization confirmed this back in the day), but the IMF and US forced Korea to enact harsh reforms that helped them recover by the 2000s and become a developed country.
Also, a number of Thai business families were ethnic Chinese with ancestry in Guangdong, so a number of those families like the Chearavanonts decided to invest in China (the first privately owned companies in China were all Chearavanont funded because they had familial relations with the post-Mao leadership in Guangdong) [0] instead of in domestic R&D, while Korean chaebols didn't have a similar option and preemptively began investing in R&D in the 1990s.
[0] - https://www.nytimes.com/1995/11/14/business/from-chickens-to...