Organization for Economic Cooperation and Development
Also found in: Dictionary, Financial.
Organization for Economic Cooperation and Development(OECD), international organization that came into being in 1961. It superseded the Organization for European Economic Cooperation, which had been founded in 1948 to coordinate the Marshall PlanMarshall Plan
or European Recovery Program,
project instituted at the Paris Economic Conference (July, 1947) to foster economic recovery in certain European countries after World War II. The Marshall Plan took form when U.S. Secretary of State George C.
..... Click the link for more information. for European economic recovery following World War II. The organization has 34 full members: Australia, Austria, Belgium, Canada, Chile, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Great Britain, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, and the United States. Member countries are pledged to work together to promote their economies, to extend aid to underdeveloped nations, and to contribute to the expansion of world trade. Agencies operating under the OECD include the Centre for Educational Research and Innovation, the Development Centre, and the European Nuclear Energy Agency. The headquarters are in Paris.