Book Review of Thai Business and Economic Groups: Escaping the Middle-Income Trap

Martin  Goerlich

doi:10.60027/iarj.2026.e289194

Authors

Martin Goerlich Stamford International University, Thailand https://orcid.org/0009-0007-2914-1463

DOI:

https://doi.org/10.60027/iarj.2026.e289194

Keywords:

middle-income trap, Thailand, business groups, corporate governance, strategic management, industrial policy, economic development

Abstract

Background and Aims: This book review critically examines Business Groups and the Thailand Economy: Escaping the Middle-Income Trap by Associate Professor Natenapha Wailerdsak (Wailerdsak, 2023). The book analyzes how Thai family business conglomerates shape Thailand’s transition from a middle- to high-income economy through an interdisciplinary lens that combines political economy, strategic management, and institutional analysis.

Methodology: Wailerdsak employs a robust mixed-methods approach, integrating theoretical frameworks with firm-level data and sectoral typologies to investigate historical, organizational, and policy-related dynamics.

Results: The book is organized into three parts: theoretical foundations, innovation-led development policy, and empirical analysis of Thai business group behavior. Key findings include five organizational mechanisms, selective specialization, political influence, mergers and acquisitions, foreign investment, and strategic alliances, that have enabled these groups to expand and adapt.

Conclusion: The book introduces a threefold typology of business group models and concludes with policy recommendations to address structural inefficiencies and promote inclusive growth. This review finds the book a timely and original contribution to literature on development economics and Southeast Asian corporate systems. While the analysis could benefit from deeper cross-country comparisons, cultural contextualization, and discussion of regulatory institutions, the book remains a compelling resource for academics and policymakers alike.

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