INTERDEPENDENT CAUSES OF THE TOM YUM KUNG CRISIS: A PATICCASAMUPPĀDA PERSPECTIVE
Issued Date
2025-01-12
Resource Type
ISSN
19066244
eISSN
25869620
Scopus ID
2-s2.0-105008329829
Journal Title
Journal of International Buddhist Studies
Volume
16
Issue
1
Start Page
71
End Page
87
Rights Holder(s)
SCOPUS
Bibliographic Citation
Journal of International Buddhist Studies Vol.16 No.1 (2025) , 71-87
Suggested Citation
Bukkavesa K., Frutos-Bencze D., Makcharoen P. INTERDEPENDENT CAUSES OF THE TOM YUM KUNG CRISIS: A PATICCASAMUPPĀDA PERSPECTIVE. Journal of International Buddhist Studies Vol.16 No.1 (2025) , 71-87. 87. Retrieved from: https://repository.li.mahidol.ac.th/handle/20.500.14594/110885
Title
INTERDEPENDENT CAUSES OF THE TOM YUM KUNG CRISIS: A PATICCASAMUPPĀDA PERSPECTIVE
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Author's Affiliation
Corresponding Author(s)
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Abstract
This study explores the application of the Buddhist principle of Paticcasamuppāda (Dependent Origination) in analyzing the 1997 Asian Financial Crisis, commonly known as the “Tom Yum Kung” crisis. This crisis, marked by financial liberalization, speculative investments, and inadequate risk management, demonstrated the systemic vulnerabilities within Thailand’s economic structure. Through the lens of Paticcasamuppāda, this crisis can be understood as a chain reaction where economic decisions and external pressures accumulated into a major collapse. Key factors include ignorance (Avijjā) of financial risks, misguided policy actions (Saṅkhāra), and the persistence of a fragile financial system (Bhava). The primary objective of this study is to demonstrate how each of the twelve links of Paticcasamuppāda can be systematically mapped onto the stages of the Thai economic collapse, thereby offering a novel interpretive framework that reveals the interdependent causes of the crisis. By adopting this Buddhist perspective, the study highlights the importance of mindful economic planning and sustainable governance. In addition, the study advocates for integrating awareness of interdependence and impermanence into economic strategies, fostering resilience in a globalized financial environment.