Mongolia has taken a rapid, very positive development and been a stable democratic state for over twenty years. The country has made great progress in its transition to a market-based system since 1990. Until then, the economy was based on the strict centrally-planned model adopted almost sixty years earlier. The government launched a series of reforms from 1991, which included a phased liberalization of state controlled prices and tariffs; privatization of state-owned enterprises; and establishment of a two-tier banking system. All sectors of the Mongolian economy are open to foreign investors and foreign investment is protected from nationalization and expropriation. The country is developing policies on responsible mining, renewable energy and ecotourism that place it on a green development path.