Moral Value Versus Economic Development

They argue that as long as the company had good corporate governance, solid earnings, transparency and good information disclosure, it can list on the stock market and that social issues must be separated from the capital market.

On the other hand, religious groups and social activists argued that allowing the listing to go forward was immoral and would undermine social values and effectively send a message that the state is supporting alcohol drinking. The listing undermines state policy to promote ethical development within society. It is feared that younger Thais will come to see these things as normal, something that grows with them and that adults give full support to the alcohol industry. These religious groups argued that alcohol is against Buddhism, Islam and traditional Thai culture and contradicts the moral value of Thai society.

The move by these religious groups and social activists may not have received so much public attention if they would not have secured a backing from Maj-Gen Chamlong Srimuang, an advisor on human resources to Thailand’s Prime Minister Thaksin Shinawatra. Chamlong argued that listing of liquor and beer producing firms on the stock market would encourage Thais to drink more. Last year, he organized a similar “moral campaign” that forced Prime Minister Thaksin to abandon his plan to set up a public company to buy shares in a major English football club. His main argument was that if the share acquisition went through, it would encourage more Thais to gamble on football results which are already an addiction among young Thais. Chamlong is of the view that the moral fabric of Thai society need to be strengthened as the country faces the torrents of consumerism that come with globalization, and that economic progress must not be acquired at the expense of morality.

Taking Chamlong’s argument into consideration, it may seem like he has spoken out against government policies and actions that he considers to be harmful to the moral values of Thai society. However, one must bear in mind his current position as the Chairman of the Moral Centre or Centre for the Promotion of National Strength on Moral Ethics and Values, which is one of the eight units in the Office of Knowledge Management and Development Projects, noticeably initiated and supervised by the Prime Minister Thaksin.

In fact, there are many important issues that deserve more attention from the moral campaign, but be rather difficult to gain public consent, including the legalization of underground lottery, hidden prostitution and the legalization of casinos, that may come under the name of entertainment complex.

However one must pause to consider the other angle to this controversy: while Thailand allows foreign liquor to flow in freely to compete with local products in Thai market, we oppose our own liquor to list on our stock market which, if successful, would create job opportunity for many related business industries as well as bring in foreign currencies based on earnings of the company from its operation base abroad. Alcohol drinks are already available plenty in the market. Is it logical that the listing of Beer Chang would encourage the increase in alcohol consumption? Should not the increase in alcohol drink be prevented by other legal regulations and measures such as setting the age limit of buyers and limiting time and place of alcohol sales and limiting advertising time?