Rio de Janeiro will host the 2016 Olympic games. This is the first time this event will be held in South America. This article takes a look at the economic benefits and disadvantages for countries hosting the olympics. I thought this was just an interesting article that did not deal with the US economic crisis but was different and not so heavy. It is great read and talks about things we never really think about. One of the comments that stuck out to me most was by Robert Baade of Lake Forest College, who describes the Olympics as a “high risk, low reward proposition”, but concedes that the games may prompt spending, say in transport, which boosts a region’s economy in the long term."
2 comments:
I am glad that South America is getting a chance to be seen on the world stage. It would have been fun for Chicago to host the games, but maybe they can try again in 2020.
I agree with the statement that the olympic games can be a high risk, low reward proposition. China put a lot of work into facilitating the 2008 olympics, and what most people remember (if not Michael Phelps)is all the drama about the crazy requirements that no one wear more than 3 colors, and that the little girl signing at the opening ceremony was in fact, lip-syncing. But hopefully Brazil is up to the challenge.
Also, look for Men's Rugby-Sevens to be making its debut as an olympic sport in 2016!!
I had always considered being the host site of the Olympics or World Cup as an economic opportunity, so it is interesting to see the downside of it. I think that overall, there are more benefits (both economic and social) than costs to hosting the Olympics, as the article summarizes it is a state of recognition.
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