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Albeit his several attempts to preserve his power, Field Marshal Luang Phibulsongkram could not protect his prime ministership.
On September 16, 1957, a coup group led by Field Marshal Srisdi Dhanarajata successfully organized a 2500 military coup ousting Field Marshal Luang Phibulsongkram, Field Marshal Phin Choonhavan and Police General Phao Sriyanonda ( the Phibul-Phin-Phao clique ) from power.
In terms of economic development, the Srisdi regime did not only continue what the Phibul regime had done since 1955, but it also significantly intensified this development with full support from the U. S. due to the regime's decision to cut all ties with the People's Republic of China and its full support for the U. S. operation in Indochina.
The Srisdi regime, in power from 1957 to 1973, had developed a great deal of the country's infrastructure and privatized state enterprises which were unrelated to the country's infrastructure.
In this period, a number of key official economic institutions were established-such as the Bureau of Budget, the Office of the National Economic and Social Development Board ( NESDB ) and the Board of Investment of Thailand ( BOI ).
The use of the National Economic and Social Development Plan was also initiated in 1961.
Most important to the Thai economy in this period might be that the regime introduced the market-oriented Import-Substituting Industrialization ( ISI ) which led to steady and rapid economic expansion in the Kingdom in the 1960s.
According to former President Richard M. Nixon's article, published in Foreign Affairs in 1967, Thailand had entered a period of rapid growth in 1958 with an averaged growth rate of 7 percent a year since then.

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