Definition of OECD

Organization for Economic Cooperation and Development

Keep scrolling for more

More Definitions for OECD

Financial Definition of OECD

What It Is

The Organization for Economic Cooperation and Development (OECD) is an international economic forum that pursues cooperative approaches to common issues affecting individual members as well as the global community.

How It Works

The OECD was formed in 1948 as part of the plan to rebuild Europe following the Second World War, known as the Marshall Plan. The OECD comprises delegations from numerous market economies. Member states include:

To illustrate the how the OECD may work in the global market, suppose Country XYZ, a large exporter of grain, has experienced a severe drought in recent months. Consequently, the importers who rely on Country XYZ's grain have been experiencing food shortages. The OECD is likely to hold discussions about how these food shortages are affecting member countries and suggest possible approaches to remedy the situation.

Why It Matters

The OECD is instrumental in keeping lines of communication open between the world's capitalist economies. Through cooperative discussion, OECD members try to improve economic hardships through an exchange of ideas. In recent years, this has become more important with the removal of trade barriers and increased economic interdependence among national economies.

Source: Investing Answers

Comments on OECD

What made you want to look up OECD? Please tell us where you read or heard it (including the quote, if possible).

WORD OF THE DAY

marked by turns or indirection

Get Word of the Day daily email!

Test Your Vocabulary

Summer 2019 Words of the Day Quiz

  • a-bowl-of-peach-sorbet-with-cut-peaches-next-to-it
  • Which is a synonym of desideratum?
Spell It

Can you spell these 10 commonly misspelled words?

TAKE THE QUIZ
SCRABBLE® Sprint

Test Your Knowledge - and learn some interesting things along the way.

TAKE THE QUIZ
Love words? Need even more definitions?

Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free!