The Government's Key Role In Macroeconomic Policy-making In Thailand

Starting from Thailand, regional financial crisis ultimately evolved into a cross-whole Asia economic crisis in 1997, Once highly applauded "East-Asia model ", in which government plays a key role, has attracted a lot of critics. This, again, pinpoints an age-old but ever-new economic theme in the era of globalization: the relationship between government and market. In the model of macroeconomic policy determination in Thailand, the government has been playing a key role, despite private sector and other players involving. Macroeconomic policy determination finally formed 8 five-year national economic and social plans that embodies Thai1 disposition. All these plans have reflected features of different times and the country's view to the future. As a matter of fact, they have always been a great impetus to Thai's development. On the other hand, they have also disclosed disadvantages in macro-policy orient and the bureaucratic system. Undouble,however, the government has always been playing a key role in macroecomic policy-making from the point view of economica-politics, evolution of Thai's bureaucratic system and the development of the country. The paper will, in line with the theory and the reality, including 4 cases analysis, confirm this. Furthermore, it will try to explore that the government has played and, more importantly, should play a key role in macroeconomic policy-making in the future, although Thai's government also face the double challenges: the acceleration of globalization and the rising of other social forces as well.