CAPITAL ACCUMULATION OF POLITICAL FAMILIES THE IMPACT ON GROWTH AND INCOME DISTRIBUTION

Abstract

This research aims to study and understand the characteristics of the capital accumulation process of prominent political families ("Baan Yai" groups) and analyze the impact of this accumulation on economic growth and income distribution in Thailand. The study examines data on business operations in 8 industrial sectors of "Baan Yai" political groups across all 4 regions of Thailand, using the Orbis and CredanData databases. This allows for an understanding of the changes in the production patterns of these groups between 1948 and 2023. The research collected data on 1,244 businesses associated with "Baan Yai" political groups, which was then analyzed to assess the growth and income distribution within these groups. The analysis utilizes the theory of capital accumulation and technological regression. The study found that "Baan Yai" political groups accumulate capital through investments in various businesses, particularly in real estate and construction, which have experienced rapid growth. Their production technology exhibits a regressive pattern, shifting towards capital-intensive economic activities without corresponding improvements in production efficiency. This contributes to economic and social inequality.