The Organisation for Economic Co-operation and Development is an economic organization that was founded in 1961. It was developed from the Organisation for European Economic Cooperation in 1948. The organization was founded to boost world trade and economic progress. There are 34 member countries from around the world that have joined the OECD as a sign of their commitment to the market economy and democracy.
Most of the countries that are members of the OECD are developed countries that have a high-income economy. These countries use the OECD as their platform to develop best practices, coordinate policies and find answers to common issues. The headquarters for the organization is located in Paris, France. Member countries contribute to funding the organization.
The founding member countries of the OECD are (in alphabetical order) Austria, Belgium, Canada, Denmark, France, Greece, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom, United States and West Germany. In the next 12 years to follow, Australia, Finland, Japan and New Zealand joined OECD.