Utilizing Community Capital To Promote Sustainable Development With The Bcg Model

Abstract

Objective: This research article aimed to assess the state of community capital and utilize it in accordance with the BCG model to advance economic and sustainable development.

 Theoretical Framework: After the COVID-19 crisis, the community must rely on self-reliance to apply a more sustainable economy based on social capital.

 Method: Data were collected from 30 samples, including community leaders, local philosophers, government officials, and people’s representatives in the old community on the edge of the Phu Ho Forest Park in Loei, Thailand. The data collection method involved in-depth interviews and focused group discussions.

Results and Discussion: The findings revealed four types of community capital use: 1) natural capital encompassing rich forests, diverse local flora, soil, water, and a vibrant physical environment; 2) human capital involving agricultural wisdom, commitment to goodness, and a proactive approach to learning and experiencing new things; 3) social capital comprising local traditions, kinship systems, and interest groups; and 4) economic capital featuring mixed farming, agroforestry, fabric processing, wicker production, traditional food preparation, vocational groups, and eco-cultural tourism based on sufficiency economy principles.

 Research Implications: The strategy for utilizing community capital aims to promote sustainable development through a bioeconomy, circular economy, and green economy, fostering integrated collaboration across community dimensions, goals, activities, and people of all age groups for the three Ps: people, prosperity, and planet. Consequently, the community can achieve self-reliant sustainability.

Originality/Value: This study significantly contributes to the well-being and stability of both the community and the nation.