Thaksinomics (a portmanteau of "Thaksin" and "economics") is a term used to refer to the economic set of policies of Thaksin Shinawatra, Prime Minister of Thailand from 2001 to 2006. There has been considerable controversy over the role Thaksinomics has played in Thailand's recovery from the 1997 Asian financial crisis. Among the most prominent advocates of Thaksin's economic policies is Morgan Stanley economist Daniel Lian. The term was coined by President Gloria Macapagal Arroyo of the Philippines during the 2003 Nikkei in which she explained how she conducted her economic policy by following Thaksin's "domestic consumption-based (and) managed asset reflation". Overview Thaksinomics is a populist set of economic policies aimed at Thailand's rural people, who make up the majority of the country's population. The policies of Thaksinomics have included: A four-year debt moratorium for farmers, combined with orders to Thailand's state-owned banks to increase loans to farmers, villages and SMEs (small and medium-size enterprises) at low interest rates. Subsidized transportation vehicle fuel prices, starting January 2004 in order to alleviate the impact of rising world oil prices on consumers. The government also forced the state-owned electricity company EGAT to partially subsidize electricity tariffs. In the policy of public health, Thaksin started the 30-baht universal healthcare program, which guarantees universal healthcare coverage for just 30 Baht (about US$0.95) a visit at state hospitals. Although highly popular, especially among lower income Thais who were previously denied healthcare because of their income, the policy was strongly criticized by physicians. The One Tambon One Product (OTOP) program, which stimulates the development of rural small and medium-sized enterprises. Thaksin has pushed for continued privatization of state-owned enterprises. Although it is a continuation of the Democrat-initiated policies of the late-'90s, Thaksin has consistently pushed for the privatization of the state-owned electricity company EGAT. However, EGAT is still state-owned. "Mega Projects": During Thaksin's tenure, this involved investing over $50 billion in public infrastructure, including roads, public transit, and a new international airport. Creating cartels or consortiums to increase the price of exports. (Such as in the rubber industry) Supporters of Thaksinomics argue that these policies, implemented in the aftermath of the Asian Financial Crisis, have driven a stable, demand-driven recovery of Thailand's economy, which was previously dependent on exports, making it vulnerable to external shocks. They also point out that under the Thaksin administration, Thailand has repaid all of its debts to the International Monetary Fund (incurred