Somkid Chatusripitak
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Somkid Jatusripitak (, , ; born 15 July 1953) is a Thai economist, business theorist, and politician. A mentee of
Philip Kotler Philip Kotler (born May 27, 1931) is an American marketing author, consultant, and professor emeritus; the S. C. Johnson & Son Distinguished Professor of International Marketing at the Kellogg School of Management at Northwestern University ( ...
, he has (co-)authored books on competitiveness and taught marketing at Thai universities. He was a co-founder and leader of the
Thai Rak Thai Party The Thai Rak Thai Party (TRT; , , ; "Thais Love Thais Party") was a list of political parties in Thailand, Thai political party founded in 1998. From 2001 to 2006, it was the ruling party under its founder, Prime Minister of Thailand, Prime Mini ...
(TRT) and was mainly responsible for developing the party's progressive and reformist economic and social platform. After the party's electoral victory, he served as Deputy Prime Minister, Minister of Finance, and Minister of Commerce in
Thaksin Shinawatra Thaksin Shinawatra (, ; born 26 July 1949) is a Thai businessman and politician who was the 23rd prime minister of Thailand from 2001 to 2006. Since 2009 he has also been a citizen of Montenegro. Thaksin founded the mobile phone operator A ...
's government. Following the coup d'état in 2006, the junta chose him as an economic envoy, advocating the royally-endorsed "
self-sufficiency Self-sustainability and self-sufficiency are overlapping states of being in which a person, being, or system needs little or no help from, or interaction with others. Self-sufficiency entails the self being enough (to fulfill needs), and a sel ...
" economic agenda. As one of 111 executive members of the TRT, he was banned from political activities for five years after the 2006 coup d'état. After another military coup in 2014, he served as the junta's advisor on foreign economic relations. Since September 2014 he has been a full member of the so-called
National Council for Peace and Order The National Council for Peace and Order (NCPO; ; ; abbreviated (; )) was the military junta that ruled Thailand from its coup d'état on 22 May 2014 to 16 July 2019. On 20 May 2014, the military declared martial law nationwide in an attempt to ...
.


Early life

Somkid was born in
Bangkok's Chinatown Bangkok's Chinatown is one of the largest Chinatowns in the world. It was founded in 1782 when the city was established as the capital of the Rattanakosin Kingdom, and served as the home of the mainly Teochew immigrant Chinese population, wh ...
and grew up in a large, but modest
Thai Chinese Thai Chinese (also known as Chinese Thais, Sino-Thais) are persons of Chinese people, Chinese descent in Thailand. Thai Chinese are the largest mixed group in the country and the largest overseas Chinese community in the world with a popul ...
( Teochew) family, one of 10 children.Somkid promises he'll do it his way
/ref> His great-great-grandfather immigrated from
China China, officially the People's Republic of China (PRC), is a country in East Asia. With population of China, a population exceeding 1.4 billion, it is the list of countries by population (United Nations), second-most populous country after ...
during the reign of the
Jiaqing Emperor The Jiaqing Emperor (13 November 1760 – 2 September 1820), also known by his temple name Emperor Renzong of Qing, personal name Yongyan, was the sixth emperor of the Qing dynasty and the fifth Qing emperor to rule over China proper. He was ...
(early 19th century). Despite being born and raised in Thailand, Somkid still speaks Thai with a strong Chinese accent. One of his older brothers, Som Jatusripitak later became president of Siam City Bank and Commerce Minister in
Chavalit Yongchaiyudh Chavalit Yongchaiyudh (, , ; born 15 May 1932), also known as "Big Jiew" (, , ), is a Thai politician and retired army officer, he served as the prime minister of Thailand from 1996 to 1997. From 1986 to 1990, he was the Commander-in-chief of ...
's government.05182000


Education and academic career

Somkid went to Triam Udom Suksa School and graduated with a bachelor's degree from the Faculty of Economics,
Thammasat University Thammasat University (TU; ; , ) is a public university, public research university in Thailand with campuses in the Tha Phra Chan area of Bangkok, Rangsit, Pattaya and Lampang Province. , Thammasat University has over 39,000 students enrolled in ...
in 1972. Later, he completed an MBA in Finance from the Graduate School of Business Administration (NIDA Business School),
National Institute of Development Administration The National Institute of Development Administration (NIDA) ) is the only public higher education institution in Thailand that teaches only at the graduate level (postgraduate) with a strong emphasis on Management, Economics and sustainable deve ...
(NIDA) and a Ph.D. in marketing from the
Kellogg School of Management The Northwestern University Kellogg School of Management (branded as Northwestern Kellogg) is the graduate business school of Northwestern University, a Private university, private research university in Evanston, Illinois. History Early ...
at
Northwestern University Northwestern University (NU) is a Private university, private research university in Evanston, Illinois, United States. Established in 1851 to serve the historic Northwest Territory, it is the oldest University charter, chartered university in ...
. After graduating, he joined a teaching position and became associate professor in marketing at the Graduate School of Business Administration (NIDA Business School). He also served as an Associate Dean at NIDA Business School. Somkid's thinking was greatly influenced by
Michael Porter Michael Eugene Porter (born May 23, 1947) is an American businessman and professor at Harvard Business School. He was one of the founders of the consulting firm The Monitor Group (now part of Deloitte) and FSG, a social impact consultancy. ...
's "Competitiveness of Nations". He focused much of his academic research on the development of national and business competitiveness. Along with his mentor
Philip Kotler Philip Kotler (born May 27, 1931) is an American marketing author, consultant, and professor emeritus; the S. C. Johnson & Son Distinguished Professor of International Marketing at the Kellogg School of Management at Northwestern University ( ...
, he was a strong supporter of the concept of
Nation Branding Nation branding aims to measure, build and manage the reputation of countries (closely related to place branding). In the book ''Diplomacy in a Globalizing World: Theories and Practices'', the authors define nation branding as "the application of ...
. In 1997, Somkid co-authored "The Marketing of Nations: A Strategic Approach to Building National Wealth" with
Philip Kotler Philip Kotler (born May 27, 1931) is an American marketing author, consultant, and professor emeritus; the S. C. Johnson & Son Distinguished Professor of International Marketing at the Kellogg School of Management at Northwestern University ( ...
. The book outlined how countries could improve their competitiveness through marketing and appropriate policies to support it. Somkid's book, ''Borisat Prathet Thai'' ("Thailand Inc: Concepts and Strategy"), stressed how Thailand should use marketing to improve its competitiveness.


Career


Business

Somkid was a co-founder of the Manager Media Group, along with Sondhi Limthongkul. He played a role in the establishment of the Phatra Research Institute. He became a Director of the Saha Pattanapibul Group, a major Thai consumer goods conglomerate. He was appointed to become Advisor of the
Stock Exchange of Thailand The Stock Exchange of Thailand (, ; SET) has been the sole stock exchange operator in Thailand since its establishment on 30 April 1975. As of 8 April 2025, with a market capitalization of US$380.19 billion (excluding mai) at an exchange rate ...
, Director of PTTEP, and Director of the Petroleum Authority of Thailand. In 2012, Somkid founded the ''Thailand Future Study Institute'', a
think tank A think tank, or public policy institute, is a research institute that performs research and advocacy concerning topics such as social policy, political strategy, economics, military, technology, and culture. Most think tanks are non-governme ...
which is sponsored by major Thai business corporations and seeks to provide research and consulting to public bodies and private sector.


Politics

Somkid was secretary to Foreign Minister Thaksin Shinawatra under
Banharn Silpa-Archa Banharn Silpa-archa (, , ; , '' mǎdéxiáng''; 19 August 1932 – 23 April 2016) was a Thai politician who served as the Prime Minister of Thailand from 1995 to 1996. Banharn made a fortune in the construction business before he became a Memb ...
's government in 1995–96 and secretary to Finance Minister Thanong Bidaya under
Chavalit Yongchaiyudh Chavalit Yongchaiyudh (, , ; born 15 May 1932), also known as "Big Jiew" (, , ), is a Thai politician and retired army officer, he served as the prime minister of Thailand from 1996 to 1997. From 1986 to 1990, he was the Commander-in-chief of ...
's government in 1996–97. Somkid was one of the co-founders of the Thai Rak Thai party in 1998, along with party leader Thaksin Shinawatra. His senior stature in the party was apparent from his no. 3 position in the TRT's 2001 election party list, behind Thaksin Shinawatra and Purachai Piemsomboon. Somkid has been called "the man behind ''Thaksinomics''", and was the mastermind of the populist policies that helped propel the Thai Rak Thai party to a landslide election victory in 2001. The TRT "won by embracing populism on a grand scale," said the Far Eastern Economic Review. Somkid's chief policy innovations included the universal healthcare program, 1 million THB development funds for each of Thailand's 70,000 villages, a 3-year loan freeze for farmers, fast-track privatization of state enterprises, and a national asset management corporation (AMC) to buy up the $20 billion in bad debt carried by Thai banks. Somkid also pioneered the TRT party's rural small and medium enterprise (SME) policy. Noting that agriculture remains the most important economic sector, employing 60-70% of the Thai population, the economic challenge was to develop the agricultural sector and link it with the modern sector. This became one of the founding principles of the Thaksin government's popular
One Tambon One Product One Tambon One Product (OTOP) is a local entrepreneurship stimulus program designed by Thailand's former Prime Minister Thaksin Shinawatra during his 2001–2006 Thai Rak Thai government. The program aimed to support locally made and marketed pro ...
(OTOP) program. At the time, ''The Nation'' newspaper exclaimed that these policies "amount to a revolution in Thai public policy". From the TRT's landslide election win of 2001, Somkid was a core member of Thakin's economic inner cabinet - starting off as Finance Minister (February 2001 to February 2003) and then becoming Commerce Minister (August 2005 to September 2006). As Finance Minsiter, Somkid oversaw a management reshuffle at state-owned
Thai Airways International Thai Airways International plc () is the flag carrier airline of Thailand. Formed in 1961 as a joint venture between SAS and Thai Airways Company, the airline has its corporate headquarters in Vibhavadi Rangsit Road, Chatuchak district, Bang ...
; led the establishment of the national asset management corporation (AMC); and supported the controversial restructuring of Prachai Leophai-ratana's Thai Petrochemical Industry (TPI) In 2002, he established the village fund program, which gave each of Thailand's 70,000 villages a self-managed fund of 1 million THB (approx. US$25,000), to be used for grassroots social and economic investments. As Commerce Minister, he oversaw the recovery of tourism industry in the Andaman coast after the tsunami of 2004; agreed to draw up a comprehensive road map for increasing trade, investment and cooperation with the United Kingdom; and boosted Board of Investment incentives in three target sectors: electronics, petrochemicals and vehicle tyres. During the anti-Thaksin demonstrations of 2005-2006, Thaksin noted that Somkid was one of four individuals who might succeed him as Prime Minister if he stepped down. After
Thaksin Shinawatra Thaksin Shinawatra (, ; born 26 July 1949) is a Thai businessman and politician who was the 23rd prime minister of Thailand from 2001 to 2006. Since 2009 he has also been a citizen of Montenegro. Thaksin founded the mobile phone operator A ...
's announcement that he would not accept the Premiership from Parliament after the April 2006 elections, Somkid was widely seen as a potential replacement. In a poll of businessmen, 57% said Somkid was the most suitable candidate for new premier. The next highest TRT politician was Bhokin Bhalakula, who received only 12%. Soon later, a broad coalition of TRT factions, including Wang Nam Yom (130 MPs), Rim Nam (15 MPs), Lamtakong (7 MPs), Wang Phya Nag (10 MPs), Chon Buri (7 MPs) and the Central provinces (10 MPs) decided to push for Somkid Jatusripitak as the next prime minister.


2006 coup

The Thai military staged a successful coup against the Thaksin government on 19 September 2006. At the time, Somkid was in
Paris Paris () is the Capital city, capital and List of communes in France with over 20,000 inhabitants, largest city of France. With an estimated population of 2,048,472 residents in January 2025 in an area of more than , Paris is the List of ci ...
, attending the Thai-France Cultural Exhibition with Princess
Sirindhorn Maha Chakri Sirindhorn, Princess Royal () (born 2 April 1955) is a member of the Thai royal family. She is the second daughter of King Bhumibol Adulyadej and Queen Sirikit, and the younger sister of King Vajiralongkorn. Early life Birth S ...
and Foreign Minister Kantathi Supamongkhon. On 21 September 2006 arrived back to Bangkok. Unlike several other senior members of Thaksin's Cabinet, he was not arrested by the junta. Somkid kept a low profile, until on 2 October 2006 he resigned from the Thai Rak Thai Party, along with Thaksin Shinawatra. He continued to lead a low profile, until in February 2007, he was appointed head of a government committee charged with "preaching" King
Bhumibol Bhumibol Adulyadej (5 December 192713 October 2016), titled Rama IX, was King of Thailand from 1946 until his death in 2016. His reign of 70 years and 126 days is the longest of any Thai monarch, the longest on record of any independent ...
's self-sufficient economy policy. The appointment provoked great controversy, as critics claimed that the populist economics czar had no role promoting self-sufficiency. Somkid appointment was supported by General Saprang Kalyanamitr, a powerful member of the junta, and Sondhi Limthongkul of the
People's Alliance for Democracy The People's Alliance for Democracy (PAD; ; commonly known as "Yellow Shirts") was a Thai reactionary, monarchist political movement and pressure group. It was originally a coalition of protesters against Thaksin Shinawatra, the former Prime M ...
, a long-time colleague of Somkid's. Somkid later decided to resign from the committee, which was then dissolved. Somkid's long-time rival, Finance Minister
Pridiyathorn Devakula Mom Rajawongse Pridiyathorn Devakula (; ; ; born 15 July 1947) is a Thai economist. He was the Governor of the Bank of Thailand from 2001 to 2006. Following the 2006 Thai coup d'état he served as minister of finance and deputy prime minister in ...
volunteered to help perform the committee's role, and denied any role in Somkid's resignation. In early May 2007, a group of former elected senators said they were ready to support Somkid in forming a new political party, the so-called Dharma Thippatai group. Among those included Suraporn Danaitangtrakoon, Anek Laothamatas (former leader of the Mahachon Party), and former Thai Rak Thai members Suranand Vejjajiva and Pimol Srivikorn. On 26 June 2007, they founded Ruam Jai Thai. However, on 30 May 2007 the Constitutional Tribunal had produced a
verdict In law, a verdict is the formal finding of fact made by a jury on matters or questions submitted to the jury by a judge. In a bench trial, the judge's decision near the end of the trial is simply referred to as a finding. In England and Wales ...
, barring all 111 former executive members of Thai Rak Thai Party, including Somkid, from holding political office for five years.


2014 coup

After the 22 May 2014 coup d'état, the junta—which calls itself
National Council for Peace and Order The National Council for Peace and Order (NCPO; ; ; abbreviated (; )) was the military junta that ruled Thailand from its coup d'état on 22 May 2014 to 16 July 2019. On 20 May 2014, the military declared martial law nationwide in an attempt to ...
(NCPO)—appointed Somkid member of its "advisory board" in charge of foreign economic relations, especially with Asian countries China and Japan. On 16 September Somkid—as one of two civilians— was appointed as a member of the NCPO. Following his departure from the junta cabinet in 2020, Jatusripitak joined the recently formed Sang Anganot Thai (Building Thailand's Future) party founded by former fellow ministers Sontirat Sontijirawong and Uttama Savanayana, and agreed to be its prime ministerial nominee should the party win no less than 25 seats in the upcoming
general election A general election is an electoral process to choose most or all members of a governing body at the same time. They are distinct from By-election, by-elections, which fill individual seats that have become vacant between general elections. Gener ...
.


Personal life

In March 2006, during the height of the anti-Thaksin protests, Somkid underwent
balloon angioplasty Angioplasty, also known as balloon angioplasty and percutaneous transluminal angioplasty, is a minimally invasive endovascular procedure used to widen narrowed or obstructed arteries or veins, typically to treat arterial atherosclerosis. A d ...
surgery to relieve a blood clot in an artery near his heart.IHT ThaiDay - Manager Online
His wife, Anurachanee Jatusripitak, teaches at
Chulalongkorn University Chulalongkorn University (CU; ; , ) is a public university, public Autonomous university, autonomous research university in Bangkok, Thailand. The university was originally founded during King Chulalongkorn's reign as a school for training ro ...
. They have three children.


Selected works

* (co-authored with Philip Kotler and Liam Fahey). * * (co-authored with Philip Kotler and Suvit Maesincee).


Notes

{{DEFAULTSORT:Jatusripitak, Somkid 1953 births Living people
Somkid Jatusripitak Somkid Jatusripitak (, , ; born 15 July 1953) is a Thai economist, business theorist, and politician. A mentee of Philip Kotler, he has (co-)authored books on competitiveness and taught marketing at Thai universities. He was a co-founder and lea ...
Somkid Jatusripitak Somkid Jatusripitak (, , ; born 15 July 1953) is a Thai economist, business theorist, and politician. A mentee of Philip Kotler, he has (co-)authored books on competitiveness and taught marketing at Thai universities. He was a co-founder and lea ...
Business theorists Business writers Business educators
Somkid Jatusripitak Somkid Jatusripitak (, , ; born 15 July 1953) is a Thai economist, business theorist, and politician. A mentee of Philip Kotler, he has (co-)authored books on competitiveness and taught marketing at Thai universities. He was a co-founder and lea ...
Kellogg School of Management alumni
Somkid Jatusripitak Somkid Jatusripitak (, , ; born 15 July 1953) is a Thai economist, business theorist, and politician. A mentee of Philip Kotler, he has (co-)authored books on competitiveness and taught marketing at Thai universities. He was a co-founder and lea ...
Somkid Jatusripitak Somkid Jatusripitak (, , ; born 15 July 1953) is a Thai economist, business theorist, and politician. A mentee of Philip Kotler, he has (co-)authored books on competitiveness and taught marketing at Thai universities. He was a co-founder and lea ...
Somkid Jatusripitak Somkid Jatusripitak (, , ; born 15 July 1953) is a Thai economist, business theorist, and politician. A mentee of Philip Kotler, he has (co-)authored books on competitiveness and taught marketing at Thai universities. He was a co-founder and lea ...
Somkid Jatusripitak Somkid Jatusripitak (, , ; born 15 July 1953) is a Thai economist, business theorist, and politician. A mentee of Philip Kotler, he has (co-)authored books on competitiveness and taught marketing at Thai universities. He was a co-founder and lea ...
Somkid Jatusripitak Somkid Jatusripitak (, , ; born 15 July 1953) is a Thai economist, business theorist, and politician. A mentee of Philip Kotler, he has (co-)authored books on competitiveness and taught marketing at Thai universities. He was a co-founder and lea ...
Institute directors
Somkid Jatusripitak Somkid Jatusripitak (, , ; born 15 July 1953) is a Thai economist, business theorist, and politician. A mentee of Philip Kotler, he has (co-)authored books on competitiveness and taught marketing at Thai universities. He was a co-founder and lea ...
Somkid Jatusripitak Somkid Jatusripitak (, , ; born 15 July 1953) is a Thai economist, business theorist, and politician. A mentee of Philip Kotler, he has (co-)authored books on competitiveness and taught marketing at Thai universities. He was a co-founder and lea ...