Editing Economy of Myanmar (section)

===Post-independence and under U Nu and Ne Win (1948–1988)===
After a parliamentary government was formed in 1948, Prime Minister [[U Nu]] embarked upon a policy of [[nationalisation]]. He attempted to make Burma a [[welfare state]] by adopting [[central planning]] measures. By the 1950s, rice exports had decreased by two-thirds and mineral exports by over 96%. Plans were implemented in setting up light consumer industries by private sector.<ref>{{Cite web |last=Watkins |first=Thayer |title=Political and Economic History of Myanmar (Burma) Economics |url=http://www2.sjsu.edu/faculty/watkins/burma.htm |access-date=8 July 2006 |publisher=San José State University |archive-date=26 May 2006 |archive-url=https://web.archive.org/web/20060526144053/http://www2.sjsu.edu/faculty/watkins/burma.htm |url-status=dead }}</ref> The [[1962 Burmese coup d'état]] was followed by an economic scheme called the [[Burmese Way to Socialism]], a plan to nationalise all industries, with the exception of agriculture.  The catastrophic program turned Burma into one of the world's most impoverished countries.<ref name="ruin">{{Cite news |last=Tallentire |first=Mark |date=28 September 2007 |title=The Burma road to ruin |work=The Guardian |location=London |url=https://www.theguardian.com/world/2007/sep/28/burma.uk |access-date=1 May 2010 |archive-date=4 March 2016 |archive-url=https://web.archive.org/web/20160304081122/https://www.theguardian.com/world/2007/sep/28/burma.uk |url-status=live }}</ref><ref name="woodsome">{{Cite news |last=Kate Woodsome |title='Burmese Way to Socialism' Drives Country into Poverty |url=http://www.voanews.com/english/archive/2007-10/2007-10-04-voa10.cfm?CFID=117290760&CFTOKEN=64840153&jsessionid=6630167e8fd1b43b9eef18506362225e1f2d |url-status=dead |archive-url=https://archive.today/20121208220245/http://www.voanews.com/english/archive/2007-10/2007-10-04-voa10.cfm?CFID=117290760&CFTOKEN=64840153&jsessionid=6630167e8fd1b43b9eef18506362225e1f2d |archive-date=2012-12-08}}</ref> Burma was classified as a [[least developed country]] by the [[United Nations]] in 1987.<ref>{{Cite web |year=2005 |title=List of Least Developed Countries |url=https://www.un.org/special-rep/ohrlls/ldc/list.htm |url-status=dead |archive-url=https://web.archive.org/web/20131026045553/http://www.un.org/special-rep/ohrlls/ldc/list.htm |archive-date=26 October 2013 |publisher=UN-OHRLLS}}</ref>