Plundering Security? The Evolution of Khaki Capital in Contemporary Thailand

Security forces tend to enjoy a monopoly over violence within any given state. In some states, such as Thailand, they are also leading political and economic actors. Thus, military finance or “khaki capital” is of paramount importance. Using the framework of Historical Institutionalism, this study scrutinizes the path-dependent evolution of khaki capital over time in Thailand.

The history of Thai khaki capital has influenced its existence in the country today—a situation paralleling the character of Thai civil-military relations. The degree of military control over its own financing tends to affect the ability of civilians to achieve control over the military. Thailand’s legacies of authoritarianism, endorsement by a powerful monarchy, greater civilian disunity than military disunity, and continuing national emergencies punctuated by coups established a “lock-in” of authoritarian path dependence, allowing only frail democratization and permitting the military to persevere and aggrandize economic power in principal areas over time. These areas have included military budgeting, military land, military influence in businesses and military seats on boards of directors.

About the speaker

Dr Paul Chambers is currently a Fellow at the Institute of Southeast Asian Studies (ISEAS) - Yusof Ishak Institute in Singapore, the German-Southeast Asian Center of Excellence for Public Policy and Good Governance, and the Cambodian Institute for Cooperation and Peace. He is also the executive editor of the Taylor & Francis (Scopus) journal Asian Affairs: An American Review. Paul has authored co-authored, or edited over 100 publications, including journal articles, book chapters and six books. Recent publications include his co-edited book Khaki Capital: The Political Economy of the Military in Southeast Asia (NIAS, 2017) and Praetorian Kingdom: A History of Military Ascendancy in Thailand (ISEAS Publishing, 2024). His research centers upon comparative politics, democratization, civil-military relations, and international affairs in Southeast Asia, specifically Thailand and Cambodia. In 2025, Paul was wrongfully detained, dismissed from his employment at Naresuan University, and effectively deported for insulting Thailand’s monarchy.

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• Organiser: SOAS Centre of South East Asian Studies
• Contact email: centres@soas.ac.uk 

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