Organisation for Economic Co-Operation and Development (OECD)

Abstract

Origin. Founded in 1961 to replace the Organisation for European Economic Cooperation (OEEC), which was linked to the Marshall Plan and was established in 1948. The change of title marks the Organisation’s altered status and functions: with the accession of Canada and USA as full members, it ceased to be a purely European body, and at the same time added development aid to the list of its priorities. The aims of the organization are to promote policies designed to achieve the highest sustainable economic growth and employment and a rising standard of living in member countries, while maintaining financial stability, and thus to contribute to the development of the world economy; to contribute to sound economic expansion in member as well as non-member countries in the process of economic development; and to contribute to the expansion of world trade on a multilateral, non-discriminatory basis in accordance with international obligations.