Warren I. Cohen
As generally found in world affairs, consortia are multinational cooperative ventures designed to cope with some common problem, ostensibly apolitical. The best-known consortia, the socalled China consortiums, were banking syndicates—combinations of banking groups from several countries. Lacking adequate capital for export, the United States did not serve as a lender in international financial operations until the twentieth century. When it did begin to take part, American bankers proved to be imperfect instruments for national policy.
See also DOLLAR DIPLOMACY; ECONOMIC POLICY AND THEORY; WILSONIANISM.