Thailand tries a new economic direction.

The King of Thailand has an exalted reputation among the country's consumers. So when the King recently proposed a new "economic model" for the country, the model received quick and nearly uncritical support. The model focuses on "sustainability," which according to a local economist quoted in a February 2, 2007 posting on the Asia Times Online website, is set to become widely imitated in the region. The basic philosophy of sustainability is not new. The focus is an inward looking way to conserve resources and efficiently manage local enterprises.

But when the first policy decision based on this model was enacted in early December 2006, the result was a sharp fall in confidence among foreign investors. The policy imposed controls on capital in the country and was quickly withdrawn.

The local economist interviewed by Asia Times Online claims that the new inward view is a more efficient way to use the huge store of dollar denominated assets accumulated through years of favorable export trade with the United States (US). Thailand should protect its environmental capital, says the economist, and eschew wasteful environmental practices that the US has followed to create global warming.

In a note to the story, Asia Times Online points out that foreign companies in Thailand do not properly dispose of their toxic waste.