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5. A key challenge to sustainable liberal democracy is to
provide policy stability – but not policy rigidity - for a
nation’s long-term economic transformation.

To provide essential policy stability for long-term economic
transformation, the political system must be able to generate and
maintain over the longer term societal consensus for change. In this, it
must remain open to recognizing, legitimizing, and accommodating
differing interests that are likely to emerge during the economic
transformation process. For such societal consensus economic growth
must be seen as inclusive: provide clear and increasing benefits for the
majority of the population.

Building blocks of Thailand’s 20-year economic transformation
strategy, Thailand 4.0 and the Eastern Economic Corridor (EEC), reflect
an understanding that in a shifting global environment, characterized in
part by new disruptive technology, “business as usual” is not likely to
succeed in promoting sustained economic growth. Therefore the focus is
on building a competitive economy for tomorrow’s world. The emphasis
is on much needed high-level skills, advanced technology, and innovation.

The challenges of implementing a long-term economic strategy, for
example the EEC program, were outlined earlier. Fundamentally it
requires policy stability, meaning coherence of policy decisions over
time, essential for needed long-term investment, particularly by the
private sector, and for extensive institutional reforms. As noted, a key
challenge is that implementation of Thailand’s transformation strategy, as
with all such economic strategies, will inevitably involve an uneven
distribution of costs and benefits. Maintaining the necessary societal
consensus for change then involves finding ways to compensate losers
to help turn them into winners; and ensuring that the economic strategy
yields benefits to a wide range of groups and communities.

For example, a focus in Thailand 4.0 and EEC on innovation
based on high- technology/high skills requires rethinking the nature and
role of social safety nets, as many workers will need assistance in

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