Polycentric Neoliberalism in Thailand: Crisis, Sufficiency, and the Expansion of Populist Welfare

Abstract

How does neoliberalism survive as a political project in the aftermath of crises? This article explores the reconfiguration of neoliberalism to the changing political economy of Thailand in the aftermath of the 1997 financial crisis, and argues that its survival was preconditioned on a process of “polycentric” transformation. In essence, neoliberalism evolved to become a phenomenon of multiple, overlapping logics and governmentalities that sought to control the conduct of target populations by permeating individual morality, social relations, and public governance. Key to this reconfiguration was the layering of the sufficiency economy philosophy—King Bhumibol’s morally conservative response to the crisis’s widespread economic malaise—with Thaksin Shinawatra’s dual-track policies of continued privatization and financialization coupled with the selective expansion of social policy. The article traces how this polycentric reconfiguration was brought about by a dispersed network tying together the elected government, the monarchy, international organizations, and partners in civil society. It also contributes to an emerging literature that seeks to understand neoliberalism as a phenomenon that transcends mere technocratic economic governance.