In the early 1960s, Taiwan entered a period of rapid economic growth and industrialisation called the "Taiwan Miracle". In the late 1980s and early 1990s, the ROC transitioned from a one-party military dictatorship to a multi-party democracy with a semi-presidential system. Taiwan's export-oriented industrial economy is the 21st-largest in the world by nominal GDP, and 20th-largest by PPP measures, with major contributions from steel, machinery, electronics and chemicals manufacturing. Taiwan is a developed country, ranking 15th in GDP per capita. It is ranked highly in terms of political and civil liberties, education, health care and human development.