Despite his attempts to maintain power, Luang Phibulsongkram was deposed (with Field Marshal Phin Choonhavan and Police General Phao Sriyanond) on 16 September 1957 in a coup led by Field Marshal Sarit Thanarat. The Thanarat regime (in power from 1957 to 1973) maintained the course set by the Phibulsongkram regime with US support after severing all ties with the People's Republic of China and supporting US operations in Indochina. It developed the country's infrastructure and privatized state enterprises unrelated to that infrastructure. During this period a number of economic institutions were established, including the Bureau of Budget, the NESDC, and the Thailand Board of Investment (BOI). The National Economic and Social Development Plan was implemented in 1961. During this period, the market-oriented Import-Substituting Industrialization (ISI) led to economic expansion in the kingdom during the 1960s. According to former President Richard M. Nixon's 1967 "Foreign Affairs" article, Thailand entered a period of rapid growth in 1958 (with an average growth rate of seven percent a year).