The economy of Switzerland is one of the world's most advanced and highly-developed free-market economies. The service sector has come to play a significant economic role, particularly the Swiss banking industry and tourism. The economy of Switzerland has ranked first in the world since 2015 on the Global Innovation Index and third in the 2020 Global Competitiveness Report. According to United Nations data for 2016, Switzerland is the third richest landlocked country in the world after Liechtenstein and Luxembourg. Together with the latter and Norway, they are the only three countries in the world with a GDP per capita (nominal) above US$90,000 that are neither island nations nor ministates. History 19th century Switzerland as a federal state was established in 1848. Before that time, the city-cantons of Zurich, Geneva, and Basel in particular began to develop economically based on industry and trade, while the rural regions of Switzerland remained poor and underdeveloped. While a workshop system had been in existence throughout the early modern period, the production of machines began in 1801 in St. Gallen, with the third generation of machines imported from Great Britain. But in Switzerland, hydraulic power was often used instead of steam engines because of the country's mountainous topography and lack of significant deposits of coal. By 1814, hand weaving had been mostly replaced by the power loom. Both tourism and banking began to develop as economic factors at about the same time. While Switzerland was primarily rural, the cities experienced an industrial revolution in the late 19th century, focused especially on textiles. In Basel, for example, textiles, including silk, were the leading industry. In 1888, women made up 44% of wage earners. Nearly half the women worked in the textile mills, with household servants the second largest job category. The proportion of women in the workforce was higher between 1890 and 1910 than it was in the late 1960s and 1970s. Railways played a major part in industrialization; the first railway opened in 1847, between Zurich and Baden. Despite the competition between private players, Switzerland was covered with more than 1000 km of track by 1860. Nevertheless, the network was barely coordinated because of the decentralised system. 20th century The industrial sector began to grow in the 19th century with a laissez-faire industrial/trade policy, Switzerland's emergence as one of the most prosperous nations in Europe, sometimes termed the "Swiss miracle", was a development of the