As economists scour the globe for lost-decade candidates, Thailand is making it too easy for them.

The latest band of generals to grab power in Bangkok is proving less operational than the government they tossed aside in May 2014, and that's saying a lot. Prayuth Chan-o-cha is giving a bad name to coup leaders, who normally take over to restore order and get things done. But to truly appreciate why Thailand's next 10 years will be a dud, we need to explore where things went so wrong over the last 10.

In 2006, Thailand was the scene of another spectacular coup — that one to topple Prime Minister Thaksin Shinawatra. Efforts by the billionaire-turned-politician to pull a Silvio Berlusconi on Thailand rubbed many the wrong way. Like the former Italian leader, Thaksin harnessed business connections to win Thailand's top job and, once there, looked after the family business too blatantly for comfort. At the time, many investors rejoiced in Thaksin's ouster, figuring it would cleanse Bangkok and restore trust in its institutions.