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This article argues that the 2020–2022 youth liberation movement in Thailand represents a crucial politico-economic force calling for an alternative version of Thai capitalism. In contrast to existing literature that views the contest between young protesters and the military-backed government as a generation division and national polarisation, this article argues that the movement is a catalyst for the rearticulation and restructuring of Thai capitalism. The movement has prioritised democracy but has also targeted Prime Minister General Prayuth Chan-ocha’s economic policy that exacerbates economic disparity. This emphasis urges us to revisit the history of Thailand’s capitalism. While some in Thailand had benefited spectacularly during periods of capitalist expansion, facilitated by links between capitalists and the state, the movement’s political agenda seeks a capitalism that is less oppressive and more egalitarian. This has caused generational tensions, even among members of the same family. By highlighting such complex tensions associated with capitalism, family, and the state, the youth liberation movement has brought the country to a crossroads, calling for a societal transformation and new economic practices that modify or reform existing capitalism through measures such as the welfare state, a universal basic income, and income redistribution.

Thai Youth Liberation as a Politico-Economic Force: A Critique of Hierarchical Capitalism and the Authoritarian State