Prawase Wasi, a well-known social critic, said the wife of a certain politician had bought 6,000 rai of land near Suvarnabhumi International Airport, and stood to make a profit of Bt12 million per rai after construction of the facility is completed.

Prawase said Thai society was in turmoil and suffering from ignorance because Prime Minister Thaksin Shinawatra had no moral leadership while corruption remained rampant.

Addressing the issue of "Good Governance and the Way out for Thai Society" on the 50th anniversary of the Thai Journalists Association, Prawase quoted his Majesty the King's inaugural address 60 years ago: "I shall reign with righteousness for the happiness of the Siamese people."

This, he said, meant that if a leader lacks virtue and society lacks morality, the country would be in turmoil.

"People are also speaking about the sale of [Shin Corp] netting a tax-free return of Bt73 billion. In the past, people condemned such practices as corruption. Now it is 'all in the family'," he said.

To restore good governance, he said, Thailand needed several measures. First, the country needed to regulate big capital funds, which have great influence over politics.

Second, independent institutions must be truly free to perform their duties.

Third, local communities must become self-reliant.

Fourth, state agencies must have independence and strength to pursue their duties and responsibilities.

Fifth, civic participation in the economic and social development of the country needed to be promoted.

Sixth, the business and financial sectors must conduct their affairs transparently.

Another speaker at the event, Dr Kosit Panpiemras, executive chairman of Bangkok Bank, said good governance was important in the capitalist system, along with economic stability and economic freedom.

"But don't forget good governance. The US, which is a capitalist country, still places a priority on governance," he said.

Kosit said in developed countries, people who breach the rules of good governance are more liable to be punished.

The government has been injecting huge amounts of money into the economic system, yet there has not been any independent audit of how the money has been spent, Kosit said.

"This matter has to be examined in a straightforward manner. You can't say five years have passed and that within 10 years, things will be better," he said.

Sumet Tantivechkul, secretary of the Chai Pattana Foundation, said Thai society should look to its past for examples of good governance.

"Wherever we look, we'll find that people lack courage to pursue their own goals. Everybody is following the example of foreigners. But in fact, we had good governance 60 years ago when His Majesty the King ascended the throne and declared that he would reign with righteousness," Sumet said.