Taiwan has a developed capitalist economy that ranks as the 19th-largest in the world by purchasing power parity (PPP), ranks as 18th in the world by gross domestic product (GDP) at purchasing power parity per capita (person), and 24th in nominal GDP of investment and foreign trade by the Republic of China (ROC) government, commonly referred to as Taiwan. In keeping with this trend, most large government-owned banks and industrial firms have been privatized. With the technocracy-centered economic planning under martial law until 1987, real growth in GDP has averaged about 8% during the past three decades.