Organization for Economic Cooperation and Development (OECD)
Organization for Economic Cooperation and Development (OECD) : An organization of industrialized, developed and developing countries, which provides a setting for them to discuss, develop and perfect economic and social policy. More importantly, they work to coordinate domestic and international policies, with a view to ensuring that in today's globalized world; there is a web of even practice acrossnations. The OECD came into existence in 1961 to build strong economies in its member countries, improve efficiency, develop market systems, expand free trade, and contribute to development in industrialized and developing countries. It succeeded the Organization for European Economic Cooperation (OEEC), which was set up to administer North American aid under the Marshall Plan for the reconstruction of Europe after World War II. Interactions within the OECD may lead to agreements to act in a formal way. Such would be legally binding codes for the free flow of capital and services, and agreements to crack down on bribery or to end specific subsidies. The work of the OECD Secretariat comprises data collection, Monitoring trends, analyzing and forecasting economic development. It is also engaged in research on such issues as social changes or evolving patterns in trade, environment, agriculture, technology and taxation. Much of this research and analysis is published. The OECD is considered a 'rich man's club', in that its member countries produce about two thirds of the world's goods and services. However, it does not consider itself an exclusive grouping, since being a member is limited only by a commitment to the market economy and a pluralistic democracy. Today it has a membership of thirty countries -Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, The Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Spain, Sweden, Switzerland, Turkey, United Kingdom and the United States of America
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