Although the anti-government protesters' decision to target businesses owned by the Shinawatra family appeared to be an effective strategy, it risks seriously harming the economy, academics warned on Sunday.
The People's Democratic Reform Committee (PDRC) on Thursday kicked off its new mass campaign against businesses owned by the Shinawatras.
Narong Pechprasert, director of Chulalongkorn University's political economy studies centre, described the PDRC's new move as a fight with capitalism that is "on target".
While the caretaker government used the Centre for Maintaining Peace and Order (CMPO) to block funding sources of the PDRC, the latter fought back with its campaign against the Shinawatra family's businesses, said Mr Narong.
But, unlike ousted prime minister Thaksin Shinawatra, who earned the middle classes' support with financial power, the PDRC moved the middle classes by consensus, said Mr Narong.
Therefore, if sources of Thaksin's funding are blocked, his ability to obtain support is likely to dwindle, Mr Narong said.
Thianchai Wongchaisuwan, an independent academic, said he had not observed this type of fight against a political camp's businesses before.
"The power of the middle class in the economy should never be underestimated. The boycott against the Government Savings Bank made this lesson very clear" said Mr Thianchai.
He warned, however, that this strategy could only be employed in the short term because it could result in calamity if used for a long period.
Yuthaporn Issarachai, dean of Sukhothai Thammathirat Open University's Faculty of Political Science, said the PDRC's new move would likely shatter confidence in the country's economy and investment.
If the political situation is coupled with a lack of confidence in the economy, the international community will begin to lose faith in Thailand, he said.
Meanwhile, SC Park Hotel has agreed to pay PDRC co-leader Luang Pu Buddha Issara 120,000 baht in compensation for cancelling his booking for 10 rooms.