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Suciency Economy: A Pathway to Sustainable Development

Globalization and economic integration are giving more consumers access to more products and services. Local and national boundaries are breaking down in the setting of social standards and aspirations in consumption. Also, Rapid urbanization, population explosion and increase in income and consumption inevitably lead to mass generation of waste. Traditional environment management pursues reactive policies with monitoring, legal regimes to reduce pollution, which is not sustainable. In order to achieve sustainable development, a paradigm shift is needed from reactive policies towards more preventive policies. In this paper we have addressed the Philosophy of “Sufficiency Economy” which takes a middle path approach towards sustainable development and is based on the foundations of moderation, reasonableness and resilience. The philosophy is underpinned by knowledge and morality.