OECD stands for the Organization for Economic Cooperation and Development that was formed to formulate and promote policies that would ensure better economic conditions and social well being of people all over the world.
It was established in 1961 as an extended form of the OEEC or Organization for European Economic Cooperation, and has its headquarters in Paris, France for its 34 member countries, while also having relations with 70 other countries. It operates more like a research organization with a role to help governments in achieving sustainable all round development.
The OECD offers governments a forum where they can share experiences, exchange views and seek solutions to common problems while learning from others’ perspectives. The primary focus is on the well being of the common man, and the policies recommended by the OECD are focused at making the life of the general population better. The Business and Industry Advisory Committee of the OECD works with businesses and its Trade Union Advisory Committee interacts with the labor force. Other civil society organizations are also part of the OECD loop.
OECD targets at age 50
The OECD is now fifty years old and in the current global situation, is working towards helping member country governments in the following areas:
- Restoring confidence in markets, companies and institutions involved in their functioning. This will be possible through better regulation and effective governance.
- Work towards sustainable future economic growth through healthy public finances
- Find new growth areas through research and innovation, assisting the development of emerging economies and focusing on environmentally friendly strategies.
- Skill development in people to ensure higher productivity in the future.
- Promoting honest and clean economies- The OECD has taken a big initiative in coordinating action internationally on issues of bribery and corruption through its OECD Anti-Bribery Convention that has been ratified by 38 nations.
- Ethical practices in the Internet economy- Through its anti spam task force it has highlighted the spam problems faced in developing countries and has detailed the best practices for internet economies that are ethical and morally correct.
- Taxation- The OECD plays a major role in taxation practices through its model tax convention which serves as the foundation for tax coordination and cooperation between nations. It has also targeted harmful tax practices and the activities of tax havens.
- Publishing jobs- The OECD is a major publisher of reports, books statistical material and working papers. It releases over 300 books every year.
The activities of the OECD have often come under severe criticism and countries do not accept all its recommendations, and none of them can be binding. But it continues in earnest, and still exerts pressure on governments for following incorrect practices that are not in keeping with global objectives of development and well being of the public.
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