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Complete 6 pages APA formatted article: Economic Expediency of Holding London Olympic Games.
Complete 6 pages APA formatted article: Economic Expediency of Holding London Olympic Games. Last Olympics was held in Beijing, China, and the current Olympics is going to be held in London, Britain. Beijing Olympics is believed to be the best Olympics held in history. Britain wanted to conduct the coming Olympics even better. The competition between host nations caused huge financial burdens upon the host nations.
“London’s Olympics has become the subject of fierce debate four years before the torch is even lit. Time Out explores the pros and cons of the 2012 Games, arguing that the event will significantly boost the capital and the nation” (Hodges, 2012). Many people already questioned the logic of spending too much money on the London Olympics, especially at a period in which Britain is struggling to revive its economy. It should be noted that the recent recession caused huge damages to the British economy and Olympics like expensive events may worsen the problem further.
Hosting is very expensive. In recent times, the Olympics have never made a direct profit. The bidding process alone for 2012 will cost each bidding city around £20m and whichever is selected will expect to pay at least £6.5bn (Paris). With increased security fears Athens spent $1.5bn on security out of a total of $12bn on the 2004 games. The burden of this cost falls on government (and therefore the taxpayer), companies, and individuals. Both Paris and London’s local governments have put aside around £2.4bn which will mean £20 per year extra in tax for every household in the cities (Bailey, 2008).
Some of the recent reports showed that the total expenditure of the London Olympics may cross even 9.3 billion pounds ($13.54 billion). It should be noted that many people in Britain are currently struggling because of the negative impacts of the recent recession. The organizers of the London Olympics are of the view that the Olympics may stimulate the country’s economy. In their opinion, tourism revenues could be increased a lot as a result of the London Olympics.
