Before 1994 South Africa had been ruled by a white minority government that earned notoriety for its apartheid (racial segregation) policy. In 1994, South Africa accomplished a peaceful transition of power, with the black majority party, African National Congress (ANC), taking over power. ANC's leader, Nelson Mandela, a Nobel Peace Prize laureate, served as its first post-apartheid president. Since then, South Africa has embarked on a new journey toward political reconciliation and economic liberalization.