About Organisation for Economic Co-operation and Development (OECD)

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About Organisation for Economic Co-operation and Development (OECD)

It is an international organisation of 38 countries committed to democracy and the market economy.
OECD members are typically democratic countries that support free-market economies.
The OECD was established on Dec. 14, 1960, by 18 European nations, plus the United States and Canada.
Headquarters: Paris, France.
Goal: The stated goal of the OECD is to shape policies that foster prosperity, equality, opportunity and well-being for all.
The OECD publishes economic reports, statistical databases, analyses, and forecasts on the outlook for economic growth worldwide.
The organization also seeks to eliminate bribery and other financial crime worldwide.
The OECD maintains a so-called “black list” of nations that are considered uncooperative tax havens.
India is one of the many non-member economies with which the OECD has working relationships in addition to its member countries.

Q) What is a Market Economy?

A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country’s individual citizens and businesses. There may be some government intervention or central planning, but usually this term refers to an economy that is more market oriented in general.In a market economy, most economic decision making is done through voluntary transactions according to the laws of supply and demand.