This paper traces the evolving cultural-political regime based on the ethnoideology of Thainess with which the Thai state controlled and contained the immigrant Chinese and their Thai-born descendants politically, and assimilated them culturally, while making use of their labour and entrepreneurship to develop Thai capitalism economically, through its absolutist, militarist and electocratic phases. It also sketches the challenges successively mounted to that regime by immigrant communists, radical democratic nationalists, and globalised capitalists, whose ethnic Chinese descent has yielded gradually over time to class and political identity in the context of successful cultural assimilation, changing international politics, growing wealth and economic crisis, coups, and political polarisation. Meanwhile, lurking in the background are the rural peasants and urban poor/marginalised population, whose majority vote and changing political loyalty may prove decisive in the outcome of the latest political contest. © 2009 Taylor & Francis.