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date: 28 September 2020

Abstract and Keywords

This article provides an overview of the institutional structure of the business system of Thailand. It explores the role of the state, the financial system, ownership and corporate governance, the internal structure of the firm (management), employment relations, education and skills formation, inter-company relations (networks), innovation, and social capital. It focuses on the impact of institutional change after the 1997 Asian crisis, including the restructuring of family businesses, reform of financial institutions, and the development of capital markets. It reveals a lack of public trust in politicians, poor R&D investment, and low productivity, which suggests a need to eradicate corruption, promote innovation, and reform higher education if Thailand is to avoid the middle-income trap. This article contributes directly to the business systems and varieties of capitalism literature and identifies institutional contingencies for comparative and international social science research in general.

Keywords: Thailand, Asia, business systems, varieties of capitalism, institutions, family business, innovation, higher education, middle income trap

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