ECONOMIC BOOM, FINANCIAL BUST, AND THE FATE OF THAI AGRICULTURE: WAS GROWTH IN THE 1990S TOO FAST?

Thailand's economic boom since 1987 resulted in absolute agricultural employment and land use declines. Both were caused by rapid wage growth due to nonagricultural investment. Irreversible land use changes and rapid agricultural mechanization have followed. Following the 1987 financial crisis, agriculture may no longer be able to absorb excess labor or dramatically increase output as in the past.