Capital, Charity and the Crown: Philanthrocapitalism and Monarchy in Thailand

This article examines the legacy of King Rama IX, its impact on the business sector in Thailand, and the collective memories of the business elite after the king passed away in late 2016. It shows that capitalists were selective when it came to their remembrance of Rama IX. They tended to remember the king’s charitable projects to which magnates could donate money and goods. Following in the king’s footsteps, they even established their own philanthropic foundations and pledged that these organisations would work in tandem with royal charities for the benefit of the poor. These social activities among the capitalists show the rise of philanthrocapitalism in Thailand. Although philanthrocapitalism can temporarily alleviate the suffering of the poor, it comes at a price: the undemocratic and unaccountable regime of the wealthy oligarchs, the reduction in social welfare, the increasing power of the market, and the growing inequality between the rich and the poor. Despite the death of Rama IX, philanthrocapitalism remains a popular practice that bonds the monarchy and capitalists under the new reign. The bond between them, however, has been put to the test by social dissent and mass protests against the monarchy.