A syndicate is a self-organized group of individuals, companies, corporations or organizations formed to transact certain business or to pursue or promote a partnership interest.
According to "Merriam-Webster's Dictionary" a syndicate is a group that works together. It may be a council, body, or association authorized to undertake official duties or to do business with an office or jurisdiction.
Crime syndicates are generally formed to coordinate, promote, and engage in crime. It conducts general illegal business on a tribal, national, or international scale. Crime syndicate subunits are organized by a family, clan, or blood relationship. Such as Italian Mafia or Italian American Mafia crime families. Five families control the majority of crime in New York City. They are the Gambino crime family, the Genovese crime family, the Lucchese crime family, the Bonano crime family, and the Colombo crime family.
A business syndicate is a group, company, or corporation consisting of several business entities, which share a common interest in the market. However, the entities are not usually direct competitors of each other. Large firms or corporations form syndicates to strengthen their position in the market. Internet companies and corporations focus on different Internet ventures and form syndicates themselves. In such cases, they share a specific type of market, such as brand management or search engine optimization, and usually form a group syndicate. They may be nationally or internationally syndicated.
We often hear this "syndicate" in the market price of consumer goods in our country. Sometimes we see in papers and TV news that everything is very expensive in the market due to the syndicate cycle. Sometimes the prices of certain consumer goods are increased so much, that they break all the records of the past. This kind of syndication means holding a lot of consumers hostage.
Suppose, onions are in high demand during the month of Ramadan. This demand increases across the country. At this time, so that the price of onion does not increase, the government wants to keep the supply of onion in the market normal by importing additional onions. However some unscrupulous traders created an artificial shortage of onions in the market by keeping them in warehouses. As a result the price of onion increases. And whenever the price of onion increases, the traders sell the extra onion stored in the warehouse at a higher price. This incident is an example of a type of syndicate.
In recent times the prices of chilies, sugar, potatoes, and onions have been syndicated, or prices increased through syndicates, breaking all previous records. 1000 taka for a kg of green pepper, and 240 taka for a kg of onion has never happened in the history of Bangladesh. Which happened this year. No one ever imagined such a syndicate as a disgraceful disgrace to the business. -Editor