Organization for Economic Cooperation and Development (OECD)
World War I was a wake-up call for the world in terms of vulnerability and mass destruction, and Europe was gradually recovering from that devastation when World War II erupted. Power hungry countries advocated separation and superiority at the expense of cooperation and unity. European leaders decided the best way to promote peaceful solutions to difficult issues was to form an organization that was centered in cooperation and reconstruction.
That organization was formed in 1947 and named The Organization for European Economic Cooperation (OEEC). OEEC was established to oversee the US-funded Marshall Plan, which had been designed to reconstruct the war-devastated European continent. The OEEC opened the door to a new era of cooperation and changed the face of Europe.
The Organization placed the burden of responsibility on individual governments, which had to recognize that economic interdependence was necessary for healing. In 1960, when Canada and the US joined the OEEC it became the Organization for Economic Cooperation and Development (OECD).
The OECD convention was officially put in motion in September of 1961, and it didn't take long for other countries to react to this endeavor. Japan joined in 1964 and 34 other countries gradually decided to be part of the OECD. The group regularly communicates and identifies problematic issues and then analyzes and discusses them. The next step in that process is promoting policies that resolve them. The OECD states that its mission "is to promote policies that will improve the economic and social well-being of people around the world."
The track record of the group is impressive by anyone's standards. The US has experienced a three-fold increase in national wealth since the OECD was created. Other countries have experience the same sort of gross domestic product growth per individual. Some countries in the OECD had even better results and they surpassed the triple GDP growth of the US.
Countries like India, China, and Brazil have become major players in the world market thanks in part to the OECD. In fact, they have emerged as new economic giants that will play important roles in the expansion of the global economy. After the break-up of the Soviet Union, several countries joined the OECD or adapted their principles and standards to achieve economic growth.
The "enhanced engagement" program was designed by the OECD for countries like South Africa, Indonesia, Brazil, China and India so they could play a role in addressing world economic challenges. Russia is also negotiating to become a member of the OECD.
The 34 countries that meet to discuss global economic issues account for 80 percent of the world's trade and investment. Those countries can effect change when certain issues surface that disrupt the global economy. Members don't always agree, but they meet and discuss the issues with open minds.
The Organization for Cooperation and Development is still funded by member countries. Contributions are based on a formula, which takes the size of each member's economy into account. The largest contributor is still the US, which provides 24% of the budget. Japan is second in total contributions.