Essay_on_Olympic_Games

  What are the economic advantages and disadvantages for both London and Great Britain of the Olympic Games being scheduled in the country in 2012' Set these in the context of the current economic downturn.   Essay plan   On 6th July 2005 The International Olympic Committee (IOC) awarded the 2012 Olympic Games to London. In the essay I am going to discuss the economic advantages and disadvantages associated with hosting the Games for both London and Great Britain. I will also be considering the implications that have arisen following the global economic downturn. I propose to answer the question in four sections. These will be the economic advantages, economic disadvantages, implications of the global economic downturn on the 2012 Games and a conclusion.   Firstly I will consider the Economic advantages on both London and Great Britain. I will explore the numerous benefits and long lasting legacies which will include: urban regeneration, transport improvements, increased tourism and the creation of thousands of jobs both before and during the 2012 Games. Also I will discuss the intangible benefits that are available to the hosting nation.   Secondly I will explore the economic disadvantages for London and Great Britain. The main argument will be the cost. Amongst other resources I will use quotations, for example Hamilton, The Times (10/02/10) claims “The Government faces the prospect of having to raid its dwindling Olympic contingency fund yet again, with officials announcing further cost increases yesterday in the delivery of the 2012 Games.”. This highlights the growing financial cost of hosting the Games. In this section I will also explore how the funding for the games is being raised and the cost to the tax payer.   The implications of the global economic downturn will be the next discussion point. In this section amongst other things I will be considering the possible reduction in tourism and the reduction of private sector investment. Finally I will summarise the points made and explain why I believe that the economic advantages far outweigh the disadvantages even in the current economic climate.   Three sources of information for this essay:   www.london2012.com   This is the official website for the 2012 Games. It provides detailed information regarding the funding of the Games, infrastructure being created and details about the future legacy being created.  I will mainly use this resources in the discussion of the economic advantages as the website is mainly one sided in its outlook of the Games. An example of the information available from London2012, accessed (17/02/10) “1500 UK businesses, have won around £5 billion Games-related contracts”     www.telegraph.co.uk   The broadsheets web site provides a full search facility on all of its articles. This gives access to numerous articles past and present on the subject in hand, be it an economic advantage, disadvantage or economic downturn complications. For example, according to Kelso, The Telegraph, (22/01/09) “The government's announcement that it has approved a bail-out worth almost £500m is tangible evidence that delivering a Games won in the rosy economic climate of 2005 is going to be grim work.”. The article shows an example of the implications the economic downturn has had on the games.   www.guardian.co.uk   The broadsheets web site as the same facilities as the Telegraphs web site. By reading the articles from several broadsheet newspapers I hope to come to a more balanced conclusion to the essay question. An example of relevant articles available comes from Gibson, The Guardian, (16/02/10) who explains that “The new Olympic Park Legacy Company has been warned that it faces a race against time to implement its plans, amid a "high risk" that 2012 venues on the site could become white elephants.”  The article highlights the concerns that the Olympic park is behind schedule and is jeopardising the legacy that will be left by the 2012 Games.