Chapter

The OECD and Economic Governance: Invisibility and Impotence?

Richard Woodward

in Mechanisms of OECD Governance

Published in print September 2010 | ISBN: 9780199591145
Published online September 2010 | e-ISBN: 9780191594601 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199591145.003.0003
The OECD and Economic Governance: Invisibility and Impotence?

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Chapter 3 sketches the OECD's role in economic governance, in particular the pursuit of its obligation to promote policies which maximize economic growth. While the OECD's work in the economic field evolves, its mechanisms of economic governance have barely altered. Richard Woodward argues that the OECD exerts ‘subtle discipline’ over the trajectory of economic governance through the use of its soft law mechanisms such as surveillance and peer review. These mechanisms can lead to convergence in national policies and, occasionally, outbreaks of international policy coordination. Ultimately, however, the proliferation of international mechanisms of governance and the internal politics of the OECD may be diluting its ability to shape the contours of international economic policy‐making.

Keywords: OECD; soft law; peer review; economy; governance; economic and development review committee; economic policy committee; transgovernmentalism; group of 7/8

Chapter.  8159 words.  Illustrated.

Subjects: International Relations

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