Since 1848 the Swiss Confederation has been a federal republic of relatively autonomous cantons, some of which have a history of confederacy that goes back more than 700 years, putting them among the world's oldest surviving republics. The history of Switzerland since 1848 has been largely one of success and prosperity. Industrialisation transformed the traditionally agricultural economy, and Swiss neutrality during the World Wars and the success of the banking industry furthered the ascent of Switzerland to its status as one of the world's most stable economies.