This thesis studies Thai capitalists of Chinese - descent, who were the most important and largest group of capitalists of Thailand from 1914 to 1939. These Overseas Chinese capitalists settled down and carried out businesses in Thailand and they gradually controlled over 90 percent of local business. It is logical to conclude that they were the major component of Thai capitalism. The study reveals that Thai capitalists of Chinese - descent played a vital role to link Thai society with global capitalism. The expansion of capitalism into Thai countryside and the transformation of villagers' tradition from self-sufficiency to capitalist mode were also pushed by these Thai capitalists of Chinese - descent. Their role as liaison persons between global capitalism, the kingdom’s capital and the countryside allowed them to accumulate wealth. This was mainly due to the fact that, when compared with villagers, the Thai capitalists of Chinese – descent were in advantageous positions, namely their control over market and better access to information. These advantages were important natures of the Thai capitalists of Chinese origins. Guilds and Chambers of commerce played crucial roles for Thai capitalists of Chinese - descent for business success over their competitors. Chinese guilds both protected and supported Chinese related business. To better understand the Thai capitalists of Chinese - descent, a comprehensive understanding of their spirit is instrumental. These Chinese immigrants still kept strong relationships with the motherland and their families in the motherland whilst their business undertaking and families in Thailand also made them build strong ties with the kingdom. While sense of nationalism among Chinese led to business competition with Japanese and western capitalism, it obstructed capital accumulation for Thailand because a large amount of capital was remitted to China. Both business development to expand their network in the countryside, trade management by guild and their spirit played important roles to strengthen capitalist potential. They became well prepared to adjust their business for modem business management and co-investment with foreign capitals to develop industries after the Second World War.
