INTERDEPENDENT CAUSES OF THE TOM YUM KUNG CRISIS: A PATICCASAMUPPĀDA PERSPECTIVE

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.