the national flag. This three-star flag remained Iraq's national flag (with some modifications) until 2007. Flag The UAR adopted a flag based on the Arab Liberation Flag of the Egyptian Revolution of 1952, but with two stars to represent the two parts of the UAR. From 1980 this has been the official flag of Syria. In 1963, Iraq adopted a flag that was similar but with three stars, representing the hope that Iraq would join the UAR. The current flags of Egypt, Sudan and Yemen are also based on the Arab Liberation Flag of horizontal red, white and black bands. Nationalization In June 1960, Nasser tried to establish economic reforms that would bring the Syrian economy more in line with the strong Egyptian public sector. However, these changes did little to help either economy. Rather than shift growth toward the private sector, Nasser embarked on an unprecedented wave of nationalizations in both Syria and Egypt. These began in July 1961, without consulting top Syrian economic officials. The entire cotton trade was taken over by the government, as well as all import-export firms. Nasser announced the nationalization of banks, insurance companies, and all heavy industry, July 23, 1961. Nasser also extended his social justice principles. The land limit was reduced from 200 to 100 feddans. Interest rates for farmers were dramatically reduced to the point of elimination in some cases. A ninety percent tax was instituted on all income above £E10,000. Workers and employees were allowed representatives on management boards. They were also given the right to a twenty-five percent share in the profit of their firm. The average workday was also cut from eight hours to seven without a reduction in pay. Collapse Instead of a federation of two Arab peoples, as many Syrians had imagined, the UAR turned into a state completely dominated by Egyptians. Syrian political life was also diminished, as Nasser demanded all political parties in Syria to be dismantled. In the process, the strongly centralized Egyptian state imposed Nasser's socialistic political and economic system on weaker Syria, creating a backlash from the Syrian business and army circles, which resulted in the Syrian coup of September 28, 1961, and the end of the UAR. According to Elie Podeh, "... this unity scheme was successful in consolidating the shaky Syrian identity. In fact, once the Syrians lost their independence they suddenly realized that they did indeed possess a