A week before the Philippines achieved its first investment grade status, credit ratings agency Fitch upgraded Thailand’s ratings three notches higher than non-investment levels. The said upgrades were in recognition of Prime Minister Yingluck Shinawatra’s ability to maintain political stability just a couple of years after divisions created by his brother Thaksin almost succeeded in tearing Thailand apart.
A farang expert on Thai politics once described Thaksin as a Thai Mussolini. The erstwhile mogul and former police chief built a patronage system that rivals that of the monarchy’s. His strong support base, composed mostly of the rural poor in the kingdom’s Isan region, made him a formidable alternative power pole to King Bhumibol Adulyadej‘s circle. His populist economic policy– dubbed by Gloria Macapagal-Arroyo as Thaksinomics– gave Thailand its first economic turn-around since the Asian Financial Crisis; but his tenure was marked with alleged corruption, human rights abuses, and authoritarian tendencies. In 2006, he was ousted in a military coup that was widely believed to have been engineered by the President of His Majesty’s Privy Council, General Prem Tinsunalonda.













