Job Recruitment Website - Ranking of immigration countries - What does a consortium mean?

What does a consortium mean?

consortium-an economic investment group with strong financial strength.

top ten American consortia

American financial groups

The abbreviation of American financial capital refers to a monopoly group formed by the combination of huge banks and huge enterprises controlled by a few financial oligarchs. They are usually made up of one or several families.

at the end of 19th century and the beginning of 2th century, due to the concentration of production and capital, American economy accelerated the integration of bank capital and industrial capital, forming many monopoly consortia. Before World War II, there were eight consortia, including Morgan-First National Bank, Rockefeller, Kuhn-Loeb, Chicago, Mellon, DuPont, Boston and Cleveland. After the war, the strength of the eight consortia changed, and new consortia rose, forming the pattern that ten consortia such as Rockefeller Financial Group, Morgan Consortium, First Citibank Consortium, Dupont Consortium, Boston Consortium, Mellon Consortium, Cleveland Consortium, Chicago Consortium, California Consortium and Texas Consortium ruled the United States. Especially from the second half of 195s to the first half of 197s, due to the progress of science and technology, the American economy developed rapidly, and the industrial structure also changed profoundly. Large companies and enterprises carried out diversified operations across industries, and their production and capital were further concentrated, which accelerated the development of mixed joint ventures. The consortia have infiltrated each other, and the relationship between them is complicated. I have you and you have me, and the boundaries of consortia are becoming more and more blurred. However, eastern consortia such as Morgan Consortium, Rockefeller Financial Group Consortium and First Citibank Consortium are still in a monopoly position that dominates American politics, economy and society.

The emergence and development of consortia

The United States began its industrial revolution in the early 19th century, more than 5 years later than Britain, France and other countries, but by 189, the total industrial output value of the United States had surpassed Britain, France, Germany and other countries, ranking first in the world. The vigorous development of industry has accelerated the concentration of production and capital. When concentrated development reaches a certain stage, it will naturally go to monopoly. In the economic crisis of 1893, some enterprises were merged, resulting in a number of monopoly enterprises. For example, the American Steel Company founded in 191 was the product of this enterprise merger. It is the first "billion-dollar company" in the United States, which controls more than 7 enterprises and monopolizes the production of steel in China, with an annual output accounting for 65% of the total national output.

in the process of rapid concentration of industrial production, bank capital is also more concentrated. At the end of 19th century, three life insurance companies and two commercial banks (First National Bank of new york and Citibank of new york) appeared in new york. They each controlled dozens of commercial banks and insurance companies, formed a powerful financial monopoly organization and began to integrate with industrial capital. Rockefeller Financial Group and Morgan consortium was born in this way. At the beginning of the 2th century, Rockefeller Financial Group and Morgan Consortium had controlled about one third of the total national wealth of the United States of $12 billion.

during the two world wars, American consortia achieved amazing development, and the resulting monopoly reached an unprecedented height. The specific performance is as follows: ① The production is highly concentrated. According to the statistics of Happiness magazine in the United States, from 1954 to 1969, the product sales of the 5 largest industrial and mining enterprises in the United States accounted for 65% of the total product sales; The proportion of employees in the total number of employees in the country increased from 46% to 71%. Two-thirds of the total sales of industrial and mining products in China are concentrated in the hands of large enterprises, which account for only .1% of the total number of enterprises. About 86% of the 5 largest industrial and mining enterprises belong to the top ten consortia. (2) the capital is more and more concentrated. When the "Billion Dollar Company" appeared for the first time in 191, both bank capital and industrial capital were quite concentrated and began to merge. After World War II, capital concentration was higher. In the 198s, hundreds of billions of dollars of banks appeared in financial circles, such as first national city bank and Bank of America. With the rapid expansion of the economic strength of various consortia, the monopoly power of consortia is increasingly strengthened, controlling all aspects of American political, economic and social life.

the monopoly of consortia on American economy

consortia not only rely on their affiliated enterprises to accumulate funds and expand their production capacity, but also rely on the merger of enterprises to expand their scale. From World War II to the end of 197s, there were three climaxes of enterprise merger. After each merger, the economic strength of consortia was enhanced, which further enhanced their monopoly on the national economy. All sectors of the American economy are controlled and dominated by major consortia.

consortia' control over American politics and diplomacy

The major consortia not only hold the lifeline of American national economy by virtue of their abundant financial capital and industrial capital, but also use their financiers, entrepreneurs and economists to organize various committees, associations, trade associations and other public organizations to publish investigation reports or research papers on the current American financial, financial, foreign trade and other economic problems, and put forward various suggestions in favor of consortia. By manipulating the presidential election and congressional re-election, monopoly consortia compete for important government posts and congressional seats, thus influencing the government's internal affairs and diplomacy and becoming the real ruling group in the United States. As the overseas interests of major consortia are constantly expanding, they are particularly concerned about the government's foreign policy and try their best to exert influence on the government.

The new trend of consortium development

Due to the new development of science and technology, the internationalization of production and capital, American monopoly consortia have undergone profound changes after the war. The most remarkable thing is that

the characteristics of diversification and specialization of consortium management have gradually lost. American consortia were originally developed according to economic sectors and have the characteristics of specialization. For example, Rockefeller Financial Group started with oil, Morgan Consortium developed on steel, and DuPont Consortium made its fortune on chemistry. However, after the Second World War, especially since the 197s, due to the rapid development of science and technology and the intensified competition among consortia, major consortia turned to diversified operations and became comprehensive consortia. With the development of diversified management, the industrial and commercial enterprises controlled by various consortia are varied and varied, and their interests are different, even conflicting, which makes it difficult for consortia to represent their respective interests and conduct unified command, so they have to relax their control. Therefore, the relationship within today's consortium is becoming increasingly loose.

consortia infiltrate each other, and they send personnel to serve as directors, which makes the relationship between consortia complicated and difficult to draw a clear line. In the past, large companies and enterprises in the United States were generally controlled by only one consortium. In recent years, after the infiltration of various consortia, a company often became a company controlled by several consortia.

Further internationalization of consortium capital. American consortia should not only put the American economy under their rule, but also expand their power abroad and establish their monopoly position in the international scope. Since the war, American consortia have expanded their economic activities from one country to many countries. Due to the further internationalization of capital, transnational corporations have not only developed rapidly, but also become more and more important in world economic activities. The big companies, enterprises and banks controlled by American consortia have almost become veritable transnational corporations without exception.

The management right and ownership of companies are gradually separated. "Capable people" has taken root in American industrial and mining enterprises. Managers of major companies no longer implement the hereditary system passed down from generation to generation, but choose talents and abilities, and hire "capable people" who master production technology and are good at management as managers. The family color of consortia is becoming increasingly weak.

first national city bank financial group

one of the top ten consortia in the United States, it is a big consortium in the east that rose after the war. Although its history is short, its total assets have surpassed several old consortia, ranking among the top ten consortia. With first national city bank as the core, the consortium, relying on its huge funds, expanded its power to the arms industry (such as rockets, missiles and airplanes) and civilian industries (such as electronics, chemicals, petroleum and non-ferrous metallurgy) and controlled a large number of famous large enterprises and companies. It is also one of the most active consortia in foreign expansion.

first national city bank's predecessor is new york Citibank, which was founded in 1812, and it is one of the oldest banks on Wall Street. By the end of 19th century and the beginning of 2th century, under the control of steelman and Rockefeller, it was used as the capital dispatching center of standard petroleum system (Mobil Oil System), and it developed rapidly. In the 193s, it was hit by the world economic crisis, and its business collapsed. In the wave of enterprise merger in 195s, it became active again. In 1955, it merged with the First National Bank of new york and changed its name to first national city bank, new york. In 1962, it changed its current name. With this bank as the core, the first Citibank consortium was formed and squeezed into the ranks of the top ten consortia in the United States.

The rapid development of the First Citibank Consortium is mainly due to the fact that its economic strength is composed of large companies and enterprises closely related to arms production in first national city bank. Boeing Company and United Aircraft Company, which are engaged in arms production under its control, have always been major arms contractors in the United States, except for the production of large civil airliners. They mainly contract military products such as jet bombers, militia III intercontinental missiles, Apollo program and the manufacture of rockets and space launchers, and get surprisingly high profits from military orders every year. Other enterprises affiliated to the consortium include Atlantic Richfield Oil Company (controlled by Morgan Consortium), Phillips Oil Company (controlled by Morgan Consortium), Xerox Company, Minnesota Mining and Manufacturing Company, Crawler Tractor Company (controlled by Morgan Consortium and DuPont Consortium) and National Cash Register Company which produces electronic computers. In business, there are Penny Company (controlled by Morgan Consortium) and jewelry store (controlled by Chicago Consortium). All the above enterprises are monopolized at home and abroad.

Morgan financial group

one of the top ten American financial groups. Formed at the end of 19th century and the beginning of 2th century, it is a monopoly capital consortium that rules American economy. Founder J.P. Morgan founded drexel-Morgan Company in 1871 in partnership with others on the basis of the wealth of his father J.S. Morgan, engaged in banking business such as investment and credit. In 1894, the partner died, and it was wholly owned by him. In 1895, it was renamed J.P. Morgan Company, and based on this company, it expanded its power to financial undertakings and economic sectors (such as steel, railways and public utilities) and began to form a monopoly consortium. In 1912, the Morgan Consortium controlled 13 financial institutions, with total assets of 3.4 billion US dollars. Among them, Morgan Company was the strongest and dominated the American financial community. The financial bosses on Wall Street called Morgan Company "the banker of bankers". The Morgan Consortium made a fortune in the First World War, and after the war, with its abundant financial capital, it penetrated into all sectors of the national economy. In 193s, the total assets of the big banks and enterprises controlled by Morgan Consortium accounted for more than 5% of the eight American consortia at that time.

Due to the increasing competition among consortia, other consortia all take Morgan Consortium as the main target of attack, so its strength status has declined relatively, and it was once surpassed by Rockefeller Financial Group. In order to save the decline, it has taken various measures. In finance, we should make use of a solid financial foundation to expand our strength. In terms of industry, it has actively explored emerging technology industries, and since the 196s, it has leapt to the first place in the process departments such as electronic computers, high-speed photocopiers and microfilm. International Business Machines Corporation, affiliated to the consortium, is the largest enterprise in the world that produces electronic computers. The industries such as electrical equipment, power equipment and atomic energy equipment, which had a good foundation, have also made great progress. In the arms industry, General Electric Company, General Dynamics Company and Grumman Aircraft Company, which are controlled by Morgan Consortium, are among the top arms contractors of the US Department of Defense. By the late 197s, the trust assets of Morgan Consortium had grown rapidly, far exceeding those of other consortiums, and the rise of cutting-edge technology industries such as computers had doubled its economic strength. The Morgan Consortium is superior to Rockefeller Financial Group in terms of the number of enterprises it controls and the assets it owns.

Morgan consortium has a solid foundation in the financial industry. Its main pillar is J.P. Morgan Company. Morgan is one of the largest multinational banks in the world, with 1 subsidiaries and many branches in China, and more than 1, communication banks. It has branches or representative offices in about 2 big cities abroad, and owns equity in financial institutions in nearly 4 countries. Its operating characteristics are buying and selling stocks in large quantities and operating huge trust assets. It controls the shares of 37 foreign commercial banks, development banks, investment companies and other enterprises. In addition, there are manufacturers Hanover Company, new york Banker Trust Company, Northwest Bank Company, Prudent Life Insurance Company and new york Life Insurance Company. In industrial and mining enterprises, there are mainly international business machines corporation, general electric company, international telephone and telegraph company, American steel company and general motors company, etc. In terms of public utilities, there are AT&T and Southern Company.

Texas financial group

one of the top ten American financial groups. After the Second World War, a new consortium in Texas developed mainly by relying on the oil industry and the arms industry. Represented by the families founded by K.W. McKison, S. Richardson, H.L. Hunter, J. Braun and J.A. Elkins.

The bank capital of Texas Consortium is relatively weak. Although it has four banks and three insurance companies, it has not formed a strong financial center. The four banks are: Dallas First National Bank, Houston First City National Bank, Dallas National Bank and Texas Commercial Bank. The industrial and mining enterprises controlled by the Texas consortium are the largest in Houston. It was originally the largest oil and gas pipeline transportation company in the United States, and now it has developed into a diversified integrated company. Due to the infiltration of Rockefeller Financial Group, it has become a company controlled by two consortia. In the arms industry, the Texas consortium controls two famous companies. One is LTV Company (formerly Yilin-Temko-Water Company), whose founder, J.J. Lin, is good at mergers. In 196, he merged with Temko Aircraft Manufacturing Company, and then merged with Water Company (manufacturing aircraft and missiles) in 1961. Diversified management has been carried out since the 198s, but it still focuses on the manufacture of arms, making great profits and developing rapidly. The other company, Hughes Aircraft Company, was founded in 1933, and its business was limited to design and experimental manufacturing. It began commercial production in 1942, manufacturing spacecraft, reconnaissance cameras and various aircraft parts. In the first half of 198s, the electronic control system and other electrical components produced by the company were in the leading position in the American aircraft manufacturing industry, so the company's business was booming and its turnover increased greatly. In addition, the Texas consortium also owns some companies that produce cutting-edge technology industrial products, such as Texas Instruments.

California financial group

one of the top ten American financial groups. Stubborn after World War II.