This article argues that widely used ideas such as bureaucratic polity, constitutional monarchy, transitional democracy and political reform fail to characterize accurately the recent politics of Thailand. Instead, Thai politics are best understood in terms of political networks. The leading network of the period 1973-2001 was centred on the palace, and is here termed 'network monarchy'. Network monarchy involved active interventions in the political process by the Thai King and his proxies, notably former prime minister Prem Tinsulanond. Network monarchy developed considerable influence, but never achieved the conditions for domination. Instead, the palace was obliged to work with and through other political institutions, primarily the elected parliament. Although essentially conservative, network monarchy also took on liberal forms during the 1990s. Thailand experienced three major legitimacy crises after 1992; in each case, Prem acted on behalf of the palace to restore political equilibrium. However, these interventions reflected the growing weakness of the monarchy, especially following the landslide election victories of prime minister Thaksin Shinawatra in 2001 and 2005. Thaksin sought to displace network monarchy with new networks of his own devising. This article suggests that conventional understandings of the power of the monarchy need to be rethought.