The Junction of Economic Ideologies

The Thai Constitution functions as a political instrument outlining state powers and relationships and as a meta-institution shaping societal norms, particularly in terms of economic frameworks and ideologies. Earlier Thai constitutions mainly endorsed market-oriented liberal economic systems. But the Constitution of the Kingdom of Thailand, B.E. 2560 (2017) newly included the Sufficiency Economy Philosophy (SEP). However, the inherent ambiguity of SEP poses significant challenges for its translation into coherent economic policy. This development may have impacted the enforcement of law recently, especially in the context of regulating major corporate mergers. This inquiry studies mechanisms underpinning the ideological transformation in the legal framework and its implications for the theoretical foundations and practical application of the law. Legally analyzing the three most recent Constitutions and an institutional economic perspective, this study examines the Constitutions’ ideological and economic provisions. It aims to understand the emergence of ideological divergence, the institutional ascendancy of SEP, and preliminary implications arising from this ideological conflict.