South Korea is a developed capitalist country. It is a founding member of APEC, the World Trade Organization and the East Asia Summit. It is also a member of the OECD, the G20, the United Nations and other important international organizations. After the Asian financial crisis in 1997, the Korean economy entered a period of medium growth. The industry is dominated by manufacturing and service industries. The output of semiconductor, electronics, automobile, shipbuilding, steel, chemical industry, machinery, textile, cosmetics and other industries has entered the top 10 in the world.