In a large saucepan cook carrots and corn in a small amount of boiling salted water for 4 minutes. Drain.
In a large bowl combine carrots, corn, beans, sweet pepper, and basil or parsley. Set aside.
For dressing, in a screw-top jar combine oil, vinegar, thyme, sugar, black pepper, and red pepper. Cover and shake to combine. Add dressing to vegetable mixture, tossing to coat. Cover and chill for at least 4 hours or up to 24 hours. Makes 8 side-dish servings.