Organisation for Economic Co-operation and Development - OECD
Categories: Econ
The Organisation for Economic Co-operation and Development, better known as OECD, is a group of heavyweight champs. This group of mostly high-GDP, pro-democracy, pro-market-economy countries work together in the OECD to encourage sustainable economic growth.
The OECD is now 36 member countries strong, making up over 60% of global GDP. The OECD was originally the Organisation for European Economic Co-operation (OEEC), an organization to help implement the Marshall Plan (a plan where the U.S. wanted to help Europe recuperate after the devastation of WWII).
Why does “Organisation” have an “s” then? Because it was led initially by France...cleaning up after WWII was a group effort.
The OEEC got a makeover and a rename to the OECD in 1961, continuing into the future as a big group of nations trying to make free market capitalism and democracy work in the world. The OECD is where 95% of development assistance comes from, and the member nations account for 75% of world trade.
Member countries have meetings about how each of them is taxing employees, employers, and income taxes. They also like to publish lots of reports containing info on the economy, environment, and society, which helps them decide what to do, and what to recommend to the world.
