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Is it any surprise then that a recent survey by a leading Indian newspaper reveals that a significant majority prefer dictatorship than democracy. This, when the BSE Sensex touched a record 13000 points, GDP grew at 8.9% and Tata Steel secured a $8.1 billion acquisition of British steel - maker Corus.

On Sept 11, 2005, when the charismatic Junichiro Koizumi won a landslide election for the Liberal Democratic Party on the back of reforming Japan Post (the largest financial institution in the world) and its economy, investors believed that Tokyo could turn itself around. Since then, Koizumi has gone, domestic spending and the economy has not taken off, North Korea has tested a nuclear device that may lure Japan to do the same (and get Seoul nervous) and digress from its deflationary economy. Interest rates have (finally) risen and are likely to do so but the yen has fallen. Its debt, which stands at 171% to its GDP, isn't going down in a hurry. Women participation, the major indicator of a modern nation, is at abysmally low levels for an industrialized developed nation.

When the latest coup in Thailand occurred, its then Prime Minister Thaksin Shinawatra was in New York attending a UN function. This was the first coup since 1991 when Thais embraced democracy. But it was the 18th coup in the last seven decades. Recall it was an absolute monarchy for nearly four centuries until 1932 when a bloodless coup - akin to the latest one ensured military rule until 1991. The rest of Asia must learn lessons from Thailand if it has to ensure stability and progress. Several examples of fledgling democracies exist across its borders in places like South Korea, Singapore, etc. Democracies can be tamed by a powerful military if governments fail to play smartly and lead the way. Armies, which have governed countries prior to becoming democracies, don't need too much of a reason to re-assert themselves.

As Bank of Thailand statistics reveal, the Thai economy grew at 6.1% and 4.9% in the first and second quarter, compared to last year's average yield of less than 4.5%. Unemployment rate was a lowly 1.4% as of September 2005. Surely, governance is not low on the agenda of the Thai Rak Thai.

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* Contributed by: -
Vishal Bhargava,
Worked at BA Continuum Solutions,
Currently studying at Welingkar Institute of Management, Mumbai.