How important have Thai parties and intraparty factions been in Thailand's fast-evolving democracy? What role do they play today, especially since the enactment of the latest constitution? What has accounted for the fragmentation in Thailand's party systems and coalitions? How did Thai democracy allow for the rise to power of Thaksin Shinawatra? This article analyzes these questions, presents a theory of Thai coalition behavior, and offers some predictions for Thailand's democratic future.