Posted at Hartmann Report on Jun. 1, 2025
How the American Dream of a middle class helps democracy: The Hidden History of the American Dream
The Organization for Economic Cooperation and Development (OECD) was created out of an earlier Europe-only group (that led, in part, to the European Union) in 1961. Its purpose stated purpose was to promote economic “progress” and trade among nations. Its member nations include most of the developed world, encompassing 1.4 billion people and representing fully 62.2 percent of nominal global GDP.
Its first members included Austria, Belgium, Canada, Denmark, France, West Germany, Greece, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom, and the United States, with Japan, Finland, Australia, and New Zealand added in the 1970s.
The OECD was formed out of an earlier neoliberal consensus that argued increasing unregulated trade among nations would inevitably lead to more democracy and a more robust middle class. Sadly, that belief has not panned out, as I explain in detail in The Hidden History of Neoliberalism.