During World War II, the British de

During World War II, the British destroyed the major oil wells and mines for tungsten, tin, lead and silver to keep them from the Japanese. Myanmar was bombed extensively by both sides. After a parliamentary government was formed in 1948, Prime Minister U Nu embarked upon a policy of nationalization and the state was declared the owner of all land. The government also tried to implement a poorly considered Eight-Year plan. By the 1950s, rice exports had fallen by two thirds and mineral exports by over 96%. Plans were partly financed by printing money, which led to inflation. The 1962 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 Myanmar into one of the world's most impoverished countries. Myanmar's admittance to Least Developed Country status by the UN in 1987 highlighted its economic bankruptcy