Organisation for Economic Co-operation and Development (OECD)

Origin. Founded in 1961 to replace the Organisation for European Economic Co-operation (OEEC), which was established in 1948 and linked to the Marshall Plan. The change of title marks the Organisation’s altered status and functions: it ceased to be a European body with the accession of Canada and USA as full members and became a forum of global influence adding development to its list of core priorities. The Organisation aims to promote policies designed to achieve the highest sustainable economic growth and employment, as well as raising standards of living in member countries, while maintaining financial stability, thereby contributing to the development of the world economy; to contribute to sound economic expansion in member as well as non-member economies 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.