Neoliberalism, the Asian Financial Crisis, and Structural Adjustment Programs: The Case of Thailand

As is the case with several other developing countries which grew rapidly in the 1980s and 1990s, Thailand was largely influenced by neoliberalism. This essay discusses neoliberalism, its influence on Thailand, and the role that neoliberalism played in the subsequent Asian financial crisis. Thailand’s swift economic rise through the mid-1990s, was followed by a severe economic and financial crisis that would spread to other countries in the region. Once the Asian financial crisis had commenced, the IMF intervened and introduced a set of policies which yielded some unintended consequences.