This chapter examines the Organization for Economic Cooperation and Development’s (OECD) contribution to the construction of a transnational social policy language. It traces the changes in the OECD’s social policy discourse from the formation of the Directorate for Manpower Social Affairs and Education in 1974?the high point of “Keynes plus” ideas through the period of “welfare state in crisis,” launched at its 1980 conference?through to the (re-)discovery of a positive, or “social investment,” role for social policy in the 1990s and into the new millennium. The chapter concludes with an assessment of its current position as it extends the geographical reach of its analysis to include the “emerging” countries and tries to come to grips with social policy after the “financial meltdown.”