The South Korean economy is one of the largest in Asia, characterized by its rapid growth and industrialization since the 1960s. It is known for its advanced technology and manufacturing sectors, particularly in electronics, automobiles, and shipbuilding. Major companies like Samsung and Hyundai play a significant role in driving economic development. South Korea has a mixed economy, combining elements of both capitalism and government intervention. The country is also a member of international organizations such as the World Trade Organization and the Organisation for Economic Co-operation and Development, which helps facilitate trade and economic cooperation with other nations.