The application of radical agricultural reforms and the passing of a new constitution created a democratic framework and allowed for quick economic growth (industrial production doubled between 1923–1938, despite the effects of the Great Depression). Until World War II, Romania was Europe's second-largest oil and food producer. After 1945, Soviet-occupied Romania became a member of the Eastern Bloc and switched to a Soviet-style command economy. During this period the country experienced rapid industrialization in an attempt to create a "multilaterally developed socialist society". Economic growth was further fuelled by foreign credits in the 1970s, eventually leading to a growing foreign debt, which peaked at $11–12 billion. Romania's debt was largely paid off during the 1980s by implementing severe austerity measures which deprived Romanians of basic consumer goods. In 1989, before the Romanian Revolution, Romania had a GDP of about 800 billion lei, or $53.6 billion. Around 58% of the country's gross national income came from industry, and another 15% came from agriculture. The minimum wage was 2,000 lei, or $135. The end of the communist period marked the beginning of a sharp economic downturn. Romania's weight in the global economy dropped to 0,3% in 1993 down from 0,8% in 1983. Privatization of industry started with the 1992 transfer of 30% of the shares of some 6,000 state-owned enterprises to five private ownership funds, in which each adult citizen received certificates of ownership. The remaining 70% ownership of the enterprises was transferred to a state ownership fund, with a mandate to sell off its shares at the rate of at least 10% per year. The privatization law also called for direct sale of some 30 specially selected enterprises and the sale of "assets" (i.e., commercially viable component units) of larger enterprises. As of 2008, inflation stood at 7.8%, up from 4.8% in 2007 estimated by the BNR at coming within 6% for the year 2006 (the year-on-year CPI, published in March 2007, is 3.66%). Also, since 2001, the economy has grown steadily at around 6–8%. Therefore, the PPP per capita GDP of Romania in 2008 was estimated to be between $12,200 and $14,064. Romania was the largest U.S. trading partner in Central-Eastern Europe until Nicolae Ceaușescu's 1988 renunciation of Most Favored Nation (non-discriminatory) trading status, which resulted in higher U.S. tariffs on Romanian products.