The English know how to get around............

British Burma (1885 - 1948)[edit]

Further information: British rule in Burma

During British occupation, Burma was the second wealthiest country in Southeast Asia after the Philippines. It was also once the world's largest exporter of rice. During British administration, Burma supplied oil through the Burmah Oil Company. Burma also had a wealth of natural and labor resources. It produced 75% of the world's teak and had a highly literate population.^[15] The country was believed to be on the fast track to development.^[15]

Post-independence (1948-)[edit]

After a parliamentary government was formed in 1948, Prime Minister U Nu attempted to make Burma a welfare state and adopted central planning. Rice exports fell by two thirds and mineral exports by over 96%. Plans were partly financed by printing money, which led to inflation.^[17]

The 1962 coup d'état was followed by an economic scheme called the Burmese Way to Socialism, a plan to nationalize all industries, with the exception of agriculture. The catastrophic program turned Burma into one of the world's most impoverished countries.^[8][18] Burma's admittance to least developed country status by the United Nations in 1987 highlighted its economic bankruptcy.^[19]