What is The OECD?

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• published: 03 Aug 2015
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Welcome to the Investors Trading Academy talking glossary of financial terms and events. Our word of the day is “OECD” OECD is the common name for the Organization for Economic Cooperation and Development (OECD) is a unique forum where the governments of 34 democracies with market economies work with each other, as well as with more than 70 non-member economies to promote economic growth, prosperity, and sustainable development. The OECD provides a forum in which governments can work together to share experiences and seek solutions to common problems. We work with governments to understand what drives economic, social and environmental change. The organization measures productivity and global flows of trade and investment. They analyze and compare data to predict future trends. The OECD sets international standards on a wide range of things, from agriculture and tax to the safety of chemicals. The Organization for Economic Co-operation and Development celebrated its 50th anniversary, but its roots go back to the rubble of Europe after World War II. Determined to avoid the mistakes of their predecessors in the wake of World War I, European leaders realized that the best way to ensure lasting peace was to encourage co-operation and reconstruction, rather than punish the defeated. The OEEC was established in 1947 to run the US-financed Marshall Plan for reconstruction of a continent ravaged by war. By making individual governments recognize the interdependence of their economies, it paved the way for a new era of cooperation that was to change the face of Europe. By Barry Norman, Investors Trading Academy