 Industrialisation of the fisheries and Marshall Plan aid following World War II brought prosperity and Iceland became one of the wealthiest and most developed nations in the world.In 1994, it became a part of the European Economic Area, which further diversified the economy into sectors such as finance, biotechnology, and manufacturing.Iceland has a market economy with relatively low taxes, compared to other OECD countries, as well as the highest trade union membership in the world.