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What do you mean by consortium?

Consortium-an economic investment group with strong financial strength.

Top ten American consortia

American financial group

(American Financial Group)

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 usually consist of one or several families.

19 At the end of the 20th century, due to the concentration of production and capital, the 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 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 1950s to the first half of 1970s, due to the progress of science and technology, the American economy developed rapidly and the industrial structure changed profoundly. Large companies and enterprises have diversified their operations across industries, and their production and capital have been further concentrated, which has accelerated the development of hybrid joint ventures. The consortia are infiltrated with each other, and the relationship is complicated. I have you, you have me, and the boundaries of the consortium are becoming more and more blurred. However, the Oriental consortia such as Morgan Consortium, Rockefeller Financial Group Consortium and First Citibank Consortium are still in a monopoly position, dominating the politics, economy and society of the United States.

The emergence and development of consortia

The United States began its industrial revolution at the beginning of19th century, more than 50 years later than Britain and France, but by 1890, the total industrial output value of the United States surpassed that of Britain, France and Germany.

And ranks first in the world. The vigorous development of industry has accelerated the concentration of production and capital. Concentrated development to a certain stage will naturally lead to monopoly. 1893 in the economic crisis, some enterprises were merged, resulting in a number of monopoly enterprises. For example, the American Steel Company founded by 190 1 is 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 China's steel production, with an annual output accounting for 65% of the national total output.

In the process of rapid concentration of industrial production, bank capital is also more concentrated. /kloc-At the end of 0/9, three life insurance companies and two commercial banks (new york First National Bank and new york Citibank) 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. At the beginning of the 20th century, Rockefeller Financial Group and Morgan consortium had controlled about 13 of the total national wealth of US$ 0/20 billion.

In the two world wars, American consortia achieved amazing development, and the resulting monopoly reached an unprecedented height. The specific performance is as follows: ① production is highly concentrated. According to the statistics of Happiness magazine, the proportion of product sales of the 500 largest industrial and mining enterprises in the United States in the total product sales increased from 1954- 1969 from 46% to 65%. The proportion of employees in the total number of employees in China has increased from 46% to 7 1%. Two-thirds of the total sales of industrial and mining products in China are concentrated in the hands of large enterprises, while large enterprises only account for 0. 1% of the total number of enterprises. About 86% of the 500 largest industrial and mining enterprises belong to the top ten consortia. (2) Capital is more and more concentrated. 190 1 when the "billion-dollar company" first appeared, bank capital and industrial capital were quite concentrated and began to merge. After World War II, capital concentration was higher. In the 1980s, hundreds of billions of dollars of banks appeared in the financial sector, such as the 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 the consortium on the American economy

The consortium not only relies on its affiliated enterprises to accumulate funds and expand their production capacity, but also relies on the merger of enterprises to expand its scale. From World War II to the end of 1970s, there were three climaxes of enterprise merger. After each merger, the financial strength of consortia increased, further enhancing their monopoly on the national economy. All sectors of the American economy are controlled and dominated by big consortia.

The consortium's control over American politics and diplomacy

With its abundant financial capital and industrial capital, the big consortia not only control the lifeblood of the American national economy, 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 issues, and put forward various suggestions and opinions that are beneficial to the consortia to influence the government's decision-making. By manipulating the presidential election and congressional re-election, monopoly consortia compete for important government positions and congressional seats, thus affecting 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 pay special attention to 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, the American monopoly consortium has undergone profound changes after the war, most notably:

The diversification and specialization of consortium management are gradually losing. The American consortium was originally developed according to the economic sector and has the characteristics of specialization. For example, Rockefeller Financial Group started with oil, Morgan consortium developed with steel, and DuPont consortium made a fortune with chemistry. However, after the Second World War, especially since the 1970s, due to the rapid development of science and technology and the intensification of 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, with different interests and even conflicting, which makes it difficult for consortia to represent their respective interests and conduct unified command, and they have to relax their control. Therefore, the relationship within today's consortium is becoming more and more loose.

The mutual infiltration between consortia and their respective directors make 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, through the infiltration of various consortia, a company has often become a company controlled by several consortia.

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

The management right and ownership of the company are gradually separated. "Capable people" have taken root in American industrial and mining enterprises. Managers of major companies no longer carry out the hereditary system handed down from generation to generation, but choose talents and appoint "capable people" who master production technology and are good at management as managers. The family color of the consortium is getting weaker and weaker.

First National City Bank Financial Group

(First National City Bank Financial Group)

One of the top ten consortia in the United States is the Eastern Consortium, which rose after the war. Although the history is not long, its total assets have surpassed several established consortia and become one of the top ten consortia. With the First National City Bank as the core and relying on its huge funds, the consortium expanded its power to the arms industry (such as rockets, missiles and airplanes) and civilian industries (such as electronics, chemicals, petroleum and nonferrous metallurgy) and controlled a large number of famous large enterprises and companies. It is also one of the most active consortia in overseas expansion.

The First National City Bank, formerly known as new york Citibank, was established in 18 12, and is one of the oldest banks on Wall Street. By the end of 19 and the beginning of the 20th century, it was controlled by two big families, steelman and Rockefeller, and quickly developed into the capital dispatching center of standard petroleum system (Mobil petroleum system). In 1930s, it was hit by the world economic crisis and its business collapsed. In the wave of enterprise merger in 1950s, it became active again. On 1955, it merged with the First National Bank of new york and changed its name to the First National City Bank of new york, and changed its name to its current name on 1962. 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 first national city bank Consortium is mainly due to its economic strength consisting of large companies and enterprises closely related to arms production in the 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-3 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 with 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). The above enterprises are monopolized at home and abroad.

Morgan consortium

(Morgan Financial Group)

One of the top ten American consortia. Formed at the end of 19 and the beginning of the 20th century, it is a monopoly capital consortium that rules the American economy. Founder J.P. Morgan founded drexel-Morgan Company on 187 1 on the basis of his father J.S. Morgan's wealth, and engaged in banking business such as investment and credit. 1894, the partner died and was wholly owned by him. 1895 changed its name to J.P. Morgan Company, and based on this company, it expanded its power to financial undertakings and economic fields (such as steel, railways and public utilities) and began to form monopoly consortia. 19 12 years, Morgan consortium controlled 13 financial institutions with total assets of $3.04 billion, among which Morgan Corporation was the strongest and dominated the American financial sector. The financial tycoons on Wall Street called Morgan Company "the banker among bankers". Morgan Consortium made a fortune in World War I, and with its abundant financial capital, it penetrated into all sectors of the national economy after the war. In 1930s, the total assets of big banks and enterprises controlled by Morgan Consortium accounted for more than 50% of the eight American consortia at that time.

Due to the increasing competition among consortia, other consortia took Morgan Consortium as the main target, so its strength status 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 use a solid financial foundation to expand our strength. In terms of industry, actively explore emerging technology industries, and since the 1960s, it has leapt to the first place in the process departments such as electronic computers, high-speed photocopiers and microfilm. The International Business Machines Corporation under the consortium is the largest computer manufacturer in the world. Great progress has also been made in industries with good foundations such as electrical equipment, power equipment and atomic energy equipment. In the arms industry, General Electric Company, General Dynamics Company and Grumman Aircraft Company controlled by Morgan Consortium are the top arms contractors of the US Department of Defense. By the end of 1970s, the trust assets of Morgan Consortium grew rapidly, far exceeding other consortia. The rise of cutting-edge technology industries such as computers doubled its economic strength. In terms of the number of enterprises controlled by Morgan Consortium and the assets it owns, it is superior to Rockefeller Financial Group.

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 65,438+00 subsidiaries and many branches in China, and more than 65,438+0000 communication banks. It has branches or representative offices in about 20 big cities abroad, and owns shares in financial institutions in nearly 40 countries. Its operating characteristics are buying and selling a large number of stocks 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. Among the 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. In terms of public utilities, there are AT&T and Southern Company.

Texas consortium

(Texas Financial Group)

One of the top ten American consortia. After World War II, a new consortium in Texas developed mainly by relying on the oil industry and the arms industry. Represented by the family 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. Originally the largest oil and gas pipeline transportation company in the United States, it has now developed into a diversified comprehensive 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 Ilya-Temko-Water Company), whose founder is J.J. Lin, who is good at mergers. 1960 merged Temko Aircraft Manufacturing Company, and 196 1 merged water company (manufacturing aircraft and missiles). Diversified management began in the 1980s, but it still focused on manufacturing arms, with rich profits and rapid development. The other is Hughes Aircraft Company, which was established in 1933. Its business was initially limited to design and experimental manufacturing, and 1942 began commercial production, manufacturing spacecraft, reconnaissance cameras and various aircraft parts. In the first half of 1980s, the electronic control system and other electrical components produced by the company were in a 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 high-tech industrial products, such as Texas Instruments.

California financial group

(California Financial Group)

One of the top ten American consortia. After the Second World War, emerging consortia include Bank of America Group, San Francisco Group and Los Angeles Group. During the Second World War, the economic strength of these three groups increased sharply with the rapid development of California's arms industry, especially the growth rate of financial capital was particularly alarming, forming a large consortium with Bank of America as its financial center. 1974 assets 167 1 billion dollars, ranking third among the top ten consortia in the United States, and playing a major role in American political and economic life. It and the southern consortium form a new force of the arms industry group and become a force to compete with the old consortium in Northeast China.

The financial capital of California consortium is extremely abundant, and its main commercial banks include Bank of America, Western Bank Company, Security Pacific Company, Wells Fargo Company and Crocker National Company in San Francisco.

Bank of America is the financial core of California consortium, and its predecessor is the Italian bank founded by A.P. Chianni, a descendant of Italian immigrants in the early 20th century. Due to its rapid business development, it became the largest bank in the western United States in the 1920s. In the early 1930s, it merged with the Bank of America in California and changed its name to Bank of America (full name of National Trust and Savings Bank of America). World War II brought it huge profits, surpassing Chase National Bank in new york at that time and becoming the largest commercial bank in the United States. Only the largest voting right of Bank of America has been controlled by Morgan Consortium and First Citibank Consortium, and the power of California Consortium in Bank of America is far less than before.

The industrial and mining enterprises controlled by the California consortium were mainly agriculture and mining before the Second World War. During and after World War II, because California has become the largest arms production base in the United States, industrial companies controlled by consortia mainly produce arms. Such as Lockheed Aircraft, Litton Industries and Northrop Corporation. These companies are among the top ten arms dealers and arms exporters in the United States. After the war, Lockheed Aircraft Company ranked first in the US Department of Defense's arms orders for a long time. However, the control of these arms production companies gradually fell into the hands of the eastern consortium, and the strength of the California consortium declined relatively.

Chicago consortium

(Chicago Financial Group)

One of the top ten consortia in the United States is a consortium in the Midwest of the United States. At the beginning of the 20th century, it was composed of the local rich families McCormick family, Wood family and the emerging Krone family, named after the Chicago area as the activity center.

Chicago has a suitable climate, abundant rainfall and fertile land, which is suitable for developing agriculture and animal husbandry. It has long been an important grain and livestock producing area in the United States. The development of agriculture and animal husbandry, followed by the development of meat processing and agricultural machinery industry, soon made Chicago an industrial and commercial center and financial center second only to new york. These wealthy families banded together to form a monopoly consortium. 1935 assets of $4.3 billion, ranking fourth among the eight American consortia at that time.

The financial strength of Chicago consortium is relatively strong, and there are five major banks: Continental Illinois Company, First Chicago Company, Harris Bank Company, Northern Trust Company and Bank of America Company. In addition, there are two insurance companies: CNA Financial Company and National Insurance Company. In recent years, the Chicago consortium has been squeezed out by the Wall Street consortium, and its financial strength is not as good as before. Continental Illinois Company has been infiltrated by Morgan Consortium and become a company controlled by two consortiums. The First Chicago Company is controlled by Rockefeller Financial Group, and the Chicago consortium actually belongs to these two consortia.

The industrial fields controlled by Chicago consortium are mainly agricultural products processing industry, traditional agricultural machinery manufacturing industry and business aimed at agricultural areas. In the agricultural products processing industry, it controls 12 meat processing enterprises, among which Esmark Company and United Food Company are the larger ones. In agricultural machinery, it owns International Harvester Company, Crawler Tractor Company (controlled by two consortia in Rockefeller Financial Group) and Deere Company. Tractors produced by these three agricultural machinery companies account for 60% of the national tractor sales market. After World War II, the expansion of Chicago consortium in the oil industry attracted attention. It has invested heavily in Rockefeller Financial Group's Indiana Standard Oil Company and Texaco Company, and has an important personnel portfolio.

The Chicago consortium plays an important role in business. It owns huge commercial retail companies such as Sears-Lubak Company, United Department Store, Jewelry Store and Marshall Field Company. Sears-Lubak Company was established in 1866. At the beginning of the 20th century, its mail-order business achieved great development, with retail stores and supply points all over the United States. 1982, the company's assets increased by $36.6 billion, and its annual sales reached $30 billion, ranking first among American department stores.

Cleveland consortium

(Cleveland Financial Group)

One of the top ten American consortia, named after Cleveland.

/kloc-In the second half of the 9th century, several wealthy families in Cleveland mainly included Mather, Hannah, Humphrey, Eaton, etc. Use the rich local coal and iron resources to establish the iron and steel industry, gain huge profits, then invest in the banking industry and develop into the rubber industry and railway transportation. After World War I, it met the requirements of consortia, with assets of 1935 USD, making it the eighth largest consortium in the United States at that time. During the Second World War, it gained further development, and its assets increased to $65,438+0,955, making it the sixth largest consortium in the United States. In the 1960s, due to the limitation of the consortium's location, its strength declined.

The economic strength of Cleveland Consortium is mainly in steel, rubber, railway transportation and other departments, and it has a certain position in American basic industries. The steel industry is the main interest of the consortium, which controls four of the largest 65,438+00 steel companies in the United States, namely * * and Steel Company, Lex Youngston Company, Armco Steel Company (with Mellon Consortium and Rockefeller Financial Group * * *) and National Steel Company (with Mellon Consortium * * *). Cleveland consortium also has important interests in American rubber industry. Goodyear Tire Rubber Company and Firestone Tire Rubber Company, the two largest rubber companies in the United States, are jointly controlled by Cleveland and other consortia. The financial capital of Cleveland Consortium is weak, and its five financial institutions, including Cleveland Trust Company, have limited strength, so they have to rely on the financial institutions of the Eastern Consortium, especially Morgan Consortium, to raise funds.

Mellon financial group

(Mellon Financial Group)

One of the top ten American consortia is a monopoly capital group with Mellon family as the center and finance as the starting point. T Mellon, the founder, founded Thomas Mellon & Son Bank on 1869, which developed rapidly. Renaming Mellon National Bank from 65438 to 0902 is the financial pillar on which Mellon Consortium started. Taking this as a starting point, it gradually merged with industrial capital, and the consortium gradually formed. In addition to Mellon National Bank, financial institutions controlled by Mellon Consortium include Pittsburgh National Bank and General Reinsurance Company. For a long time, Mellon consortium controlled the bank capital and industrial capital of Pittsburgh through these financial institutions.

Among the industrial and mining enterprises controlled by Mellon consortium, Alcoa is the oldest. Its predecessor was Pittsburgh Smelting Company, controlled by Mellon & Son Bank, 1890. Since 19 10, Alcoa has been monopolizing the production of aluminum in the United States and is one of the industrial pillars of Mellon consortium. Another important industrial pillar is the Gulf Oil Company. It is one of the largest oil monopolies in the United States, and its main business includes oil exploration, refining, transportation and sales. Since 1980s, it has expanded the petrochemical industry and ethylene production capacity, ranking third among American chemical companies. Mellon consortium also occupies a certain position in the production of steel industry, including Armco Steel Company (controlled by Rockefeller Financial Group and Cleveland Consortium), National Steel Company (controlled by Cleveland Consortium), Wheeling-Pittsburgh Steel Company and Allegheny-Leder Haomei Industrial Company. In addition, the consortium also owns Westinghouse Electric Company (controlled by Rockefeller Financial Group), Goodyear Tire and Rubber Company (controlled by Rockefeller, Chicago and Cleveland Consortium) and Rockwell International Company. Rockwell is not infiltrated by any consortium, and specializes in designing and manufacturing aircraft, missiles and rockets. It has been the main contractor of the Pentagon and NASA for a long time, and has made huge profits.

Boston financial group

(Boston Financial Group)

One of the top ten consortia in the United States and one of the oldest monopoly consortia in the United States. It consists of Boston Lowell, Lawrence, Adams, Loki, and the emerging Kennedy family, who made a fortune from the slave trade in the19th century. At that time, these families invested huge sums of money accumulated by overseas colonial plunder in commercial banks, insurance companies and investment companies, and relied on these financial institutions to provide funds to operate textile industries such as textiles, leather, shoes, clothing, food and chemicals. Due to the rapid development of textile industry, at the beginning of the 20th century, Boston, a family that has been intermarried for generations, took the First National Bank of Boston as the core and formed the Boston Consortium.

The First National Bank of Boston was established in 1859. 1903 is still called Boston first national bank after it merged with Massachusetts bank. It is the earliest multinational bank in America. In addition to banks, the Boston Consortium also owns four famous insurance companies, the largest of which are john hancock Mutual Life Insurance Company and Massachusetts Mutual Life Insurance Company.

The strength of Boston consortium in industrial and mining enterprises is not as good as that of Oriental consortium. The industries it controlled used to be mainly textiles. Since the 1950s, MIT's scientific research achievements have been used to develop emerging technology industries, from textile industry to electronics, optics, aerospace and missiles. For example, Texteron, which it controlled, merged many small and medium-sized companies after the war and expanded its strength. Its business direction has also shifted from textile industry to aerospace industry and electronics industry, becoming a diversified company with more than 70 subsidiaries. It not only manufactures aviation and aerospace products, all kinds of electronic components and aircraft parts, but also operates the watch, furniture and poultry industries. One of its companies, Bell Life Aircraft Company, is an arms exporter, making helicopters for the Pentagon and foreign countries. Boston consortium has superior technical strength in developing emerging technology industries. The scientific research achievements of Harvard University, Massachusetts Institute of Technology and other famous schools have strongly promoted the development of cutting-edge industries in Boston. Its subsidiaries, such as Texteron, Raytheon and Boraroyd, have experienced rapid economic growth under the stimulation of emerging technology industries. Politically, the Boston consortium once supported Kennedy as president with the Geffler consortium. The Kennedy family dominated the White House and won a large number of military orders for the Boston consortium, which caused strong dissatisfaction from the Morgan consortium. 1963165438+10 The assassination of Kennedy in October dealt a great blow to the Boston consortium, which made it lower in the competition with other consortia.

Dupont financial group

(DuPont Financial Group)

One of the top ten consortia in the United States is a consortium composed of dupont family, which started from the chemical industry and the arms industry. The founder is French immigrant E.I. Dupont de nemours. He fled to the United States during the French Revolution, and 1802 set up DuPont Company in Wilmington, Delaware, to run the gunpowder business. After five generations of management in dupont family, DuPont finally became a typical family trust. DuPont's assets in World War I increased from $75 million before the war to $300 million in 19 18; Become one of the largest monopoly companies at that time. The DuPont consortium was also established. From 65438 to 0935, the total assets of DuPont consortium increased to $2.63 billion, ranking sixth among the eight American consortia at that time. In the second world war, DuPont consortium obtained military orders worth 2 1 billion dollars from the Pentagon, and participated in the manufacture of atomic bombs after the war, which greatly enhanced its economic strength and jumped to the fifth place among the top ten consortia; However, in the 1960s, due to the intensified competition among consortia, DuPont consortium's status declined, relegating to the ninth place.

The economic strength of DuPont consortium is mainly industry and mining. 1974 the industrial and mining assets of the consortium account for 69% of its total assets. Industrial capital is mainly concentrated in DuPont and General Motors. Dupont is the largest chemical company in the United States, and 80% of its raw materials are petroleum. Since 1973, it has been repeatedly hit by the oil crisis. Since 1980s, the company has turned to the development of plastic industry, and vigorously carried out scientific research to produce products that do not use petroleum as raw materials, such as producing synthetic fibers through microbial fermentation. General Motors, another big company of DuPont Consortium (controlled by Morgan Consortium), is the largest automobile company in America.

The bank capital of DuPont consortium is weaker than that of other consortia, lacking a well-funded financial institution as the core. For a long time, its financial business had to rely on Morgan consortium and other consortia to provide funds.

Dupont consortium is a typical family trust. Dupont consortium is basically composed of dupont family, and its capital is mostly family fortune. Until the first half of 1970s, all important positions were controlled by family members. The chairman and general manager of the company have been held by external "capable people" successively.

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American financial industry-survey of top ten consortia

The emergence and development of consortia

The United States began its industrial revolution at the beginning of the19th century, more than 50 years later than Britain and France, but by 1890, the total industrial output value of the United States had surpassed Britain, France and Germany, ranking first in the world. The vigorous development of industry has accelerated the concentration of production and capital. Concentrated development to a certain stage will naturally lead to monopoly. 1893 in the economic crisis, some enterprises were merged, resulting in a number of monopoly enterprises. For example, the American Steel Company founded by 190 1 is 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 China's steel production, with an annual output accounting for 65% of the national total output.

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