StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Economic Effects of Terrorism - Essay Example

Comments (0) Cite this document
Summary
Week x Assignment “Economic Effects of Terrorism” A, B, C & D Instructor: 30th January 2012 1. Introduction Terrorism is often viewed through the lens of law and order problems alone although such activities have a profound effect on nearly all walks of life…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.5% of users find it useful
Economic Effects of Terrorism
Read TextPreview

Extract of sample "Economic Effects of Terrorism"

Week x Assignment “Economic Effects of Terrorism” A, B, C & D 30th January Introduction Terrorism is often viewed through the lens of law and order problems alone although such activities have a profound effect on nearly all walks of life. The economic effects of terrorism are undeniable altogether especially when put in context of the September 11 attacks. Our group composed of Amanda, Brenna, Evelyn, Kayla and Rob agreed to put down to paper on the economic effects of terrorism that America has felt. Before this paper was written, it was noticeable that this would be a hard task to achieve given the traumatic and tragic nature of events that took place in New York on September 11, 2001. This paper will place emphasis on various issues that have impacted the American economy in the aftermath of the September 11 attacks. The issues under discussion will range from the immediate aftermath to more long term effects that involve economic considerations of one kind or the other. The impact of the attacks on the economy of New York City will be considered followed by consideration to the overall economy of the United States in the immediate aftermath of the attacks. The economic impacts of the terrorist attacks on the United States economy will be dealt with next. Moreover the threat of terrorism has posed serious questions for security in both individual as well as social context that bear economic costs themselves so these issues would also be brought into discourse. 2. September 11 Attacks 2.1. Background Four airliners were hijacked on the morning of September 11, 2001 by 19 Al-Qaeda operatives who coordinated attacks against the World Trade Center in New York City and the Pentagon. The attacks destroyed the World Trade Center in New York City and made one section of the Pentagon collapse. Overall some 3,000 lives were lost in these attacks on American soil. Never before had anyone breached American soil in a manner as bewildering as this. Al-Qaeda was quick to accept responsibility for these attacks (CBC, 2004) following which the United States and its allies instituted the War on Terror in order to make the United States a safer place to live in. 2.2. Economic Costs of the Attack for NYC and the US Economy The destruction of the World Trade Center’s twin towers had large repercussions for the economy of Lower Manhattan and through it New York City. The impacts of this event were felt throughout global markets as well. The stock exchanges in the United States remained close from September 11 to September 17. After being opened up, the DJIA (Dow Jones Industrial Average) fell by 14.3% by the end of the week signifying its largest drop in a single week in history (Bob, 2001). In addition, in terms of 2011 dollars, various US stocks lost some $1.4 trillion in valuation within one week (Bob, 2001). In contrast, New York City lost some 430,000 job months as well as $2.8 billion in wages within three months of the attacks. These economic effects were largely felt on the export side of the economy causing debilitating losses to the export sector (Dolfman & Wasser, 2004). Overall the city’s GDP registered a decline of some $27.3 billion for the last quarter of 2001 and throughout 2002. In response to this situation, the federal government had to produce some $11.2 billion for immediate economic assistance for the Government of New York City in September 2001. Another $10.5 billion was provided to the city in early 2002 to ensure economic development as well as to meet infrastructural needs (Makinen, 2002). Small business establishments in Lower Manhattan were also badly affected resulting in the loss or displacement of 18,000 jobs resulting in wage loss. Overall the New York City economy suffered some $83 billion in damages while the United Sates economy suffered around $100 billion due to the September 11 attacks. 3. Sports Facilities – Evelyn Whereas the direct affects of the September 11 attacks were felt on the economy simply, there are other intertwined phenomenon’s that caused indirect financial loss as well as escalated costs of operation. As an example the sports industry in the United States is estimated at around $213 billion and it too suffered due to the September 11 attacks on account of increased costs for security arrangements. (Carey, 2011), The security arrangements at the Utah Winter Olympics cost around $300 million that represented an unprecedented increase in security arrangement costs. These costs would have been minimal if September 11 had not caused security panics around the nation. In contrast to large sports events such as the Utah Winter Olympics; smaller events on the sports radar such as the Super Bowl found increased security costs affecting them too. The 2002 Super Bowl held in New Orleans saw the escalation of security arrangements costs to some $6 million. In this regard, the mandatory pat-downs by the NFL (National Football League) saw the addition of costs that were appreciably higher than ever before. For instance the Tampa Bay Buccaneers had to request taxpayers to foot a $9,597 bill for extra security arrangements in the wake of the September 11 attacks. 4. Bibliography Bob, F. (2001, September 22). U.S. Markets Decline Again. KRTBN Knight Ridder Tribune Business News . Carey, B. (2011, September 9). Stadium security continues to evolve 10 years after 9/11. Retrieved January 29, 2012, from Sports Illustrated: http://sportsillustrated.cnn.com/2011/more/09/06/stadium.security.changes.since.9.11/index.html CBC. (2004, October 29). Bin Laden claims responsibility for 9/11. Retrieved January 29, 2012, from CBC: http://www.cbc.ca/news/world/story/2004/10/29/binladen_message041029.html Dolfman, M. L., & Wasser, S. F. (2004). 9/11 and the New York City Economy. Monthly Labor Review 127 . ESPN. (2011, September). How 9/11 Changed the Sports World. Retrieved January 29, 2012, from ESPN: htttp://1045theteam.com/how 911 changed the sport world/ Makinen, G. (2002). The Economic Effects of 9/11: A Retrospective Assessment. Washington, D. C.: Congressional Research Service. Library of Congress. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Economic Effects of Terrorism Essay Example | Topics and Well Written Essays - 750 words”, n.d.)
Economic Effects of Terrorism Essay Example | Topics and Well Written Essays - 750 words. Retrieved from https://studentshare.org/business/1441895-economic-effects-of-terrorism
(Economic Effects of Terrorism Essay Example | Topics and Well Written Essays - 750 Words)
Economic Effects of Terrorism Essay Example | Topics and Well Written Essays - 750 Words. https://studentshare.org/business/1441895-economic-effects-of-terrorism.
“Economic Effects of Terrorism Essay Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.org/business/1441895-economic-effects-of-terrorism.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Economic Effects of Terrorism

Effects of Human Resource Systems on Manufacturing Performance and Turnover

Most of these developments, not surprisingly, have come from communities of scholars focusing on their own particular countries or regions, be it the US (for example, Arthur, 1994; Delery and Doty, 1996; Huselid et al., 1997), the UK (for example, Brewster, 1999; Guest et al., 2003), elsewhere in Europe (for example, D’Arcimoles, 1997; Lahteenmaki et al., 1998; Roderiguez and Ventura, 2003). The difference in perspective on the value of people in organizations and the validity of HRM, particularly in non-Western Countries may be best understood in terms of the concept of locus of human value (Jackson et al., 2003). Jackson et al. (2003) came up with a conceptual map of international organization and human resource management...
12 Pages(3000 words)Essay

Effects of Menopause on Women's Life

It is typically accompanied by some distressing physical and psychological symptoms in women that also impact middle adulthood. There is variation in the age at which menopause occurs; in the USA the average age at menopause is 51 years, but the usual range is 45 to 56 years. For unknown reasons ovaries gradually begin to change on hormone production during a womens mid-30s. In the womens the late 40s, the process speeds up and hormones fluctuate or change more causing irregular periods.

Some womens periods stop suddenly; others experience a perimenopause, a phase of irregular menstruation, and symptoms such as memory disturbance, bloating and feeling tired, that may be troublesome for 5 to 10 years. (Brown, 2002)
...
6 Pages(1500 words)Case Study

What Are the Effects of Industrial Pollution to Nature in Turkey

It is observed that electroplating and chemical industries are responsible for the generation of a considerable portion of emissions that contain heavy metals, and may affect adversely on human lives and environment. On the other hand, sugar, pharmaceuticals, and textile industries are responsible for the generation of organic pollutants in the atmosphere. Refineries, fertilizers, stone mines, and thermal power units are mainly the causing sectors of contributing a substantial amount of air pollution in the Turkish atmosphere. In specific, sulfur, nitrogen, and hydrogen sulfide are some of the main pollutants that are generated from the burning of fuels in the abovementioned industries in Turkey. Though vehicular sources also cont...
7 Pages(1750 words)Case Study

The Economic Impact of the Emergence of China and India

The main macroeconomic variable that toys in the global economy’s shift are the emergence of India and China as new superpowers. This emergence certainly has a number of implications, but among the most relevant are: disruption of the equilibrium of the global economy which results in rising demand of goods, giving way to worldwide inflation; the attractiveness of outsourcing to these countries due to low cost but high talent workforce of these countries for cheaper operations.
The growing middle class of China and India results in booming demand for the automobile industry. This increase in demand, with the increasing purchasing power of these countries’ people, is not limited to automobiles but more apparent in...
10 Pages(2500 words)Assignment

How Does the US Media Effects Evolve in Singapores Current Media

Lewis and Slade (2000, p. 223) in their critical evaluation of the effects of media communication on the audience argue that media effect is achieved incongruent with social context. Their study recounts the experiment on the influence of television on identity in Singapore indicates that US social values and Singaporean values greatly differ from each other. The sharp differences in program content have a negative influence on the audience because Chinese raised Singaporeans value marriage, social values, and collectivism whereas US social culture involves career, family and the struggle to balance the two. Therefore the question of US media's influence to destabilize Singaporean national identity is limited. This view is emphasi...
6 Pages(1500 words)Assignment

The Effects of Financial Crisis on Supplier Selection Criteria of the Oil and Gas Industry Equipment Market

It is a difficult task to find those vendors who not only have the adequate quality and quantity of the needed raw materials but who also have an attitude of efficiency and display commitment to customer service (Sonmat, 2006). Further, organizations also strive to locate and select vendors who can be depended upon for long term relationship.

The number of factors or attributes desired from the vendor is vast, and different organizations and different industries place different importance on the attributes (Sonmat, 2006). Some of the vendor attributes may gain importance owing to the nature of the industry, for example, in the case of consumer perishables suppliers, like fresh vegetables or fruits, the buying firm would...
20 Pages(5000 words)Literature review

Economic Analysis of India

The country’s economy is fast growing with a stable political system that encourages foreign investment although with certain restrictions. The country generally has good energy, transport and communication systems which make the cost of doing business affordably.

The Republic of India found South of Asia is by far the world’s most populous democracy and ranks seventh largest in terms of geographical area (Brown, 1994). India is also the second most highly populated country in the world. The country has a rich culture with four major religions having originally emerged from it; Sikhism, Buddhism, Hinduism, and Jainism. The Indian Republic consists of seven union territories and 28 states and ranks twelfth la...
8 Pages(2000 words)Case Study

Effects of the United States of America Troops in South Korea

Despite the few negative incidences of crime committed by the United States of America’s security troops that were deployed in the country on a peacekeeping mission.
Since the war in Korea began in the early nineteen fifties, the United States has stationed tens of thousands of soldiers, mostly the United States’ army personnel, in South Korea. Through the assistance of the South Korean troops and other neighboring governments, the American troops have been able to guard and offer maximum security to South Korean people. In line with the argument of James (2003), ‘most of the military bases in South Korea are relatively isolated’ thus the need for much attention from the troops so as to ensure maximum...
10 Pages(2500 words)Assignment

International Business: World Economic Forum and Davos 2010

...Introduction Globalization, one of the most hotly debated issues means global capitalism to some while others consider it to be the continuation of modernism with the forces of wealth, progress, democracy and happiness at play (Kellner, 2002). Globalization is considered to be beneficial which promotes economic prosperity, cultural diversity and technological advancement. According to the critical social theory, technology and capital work together to create a new globalized and interconnected world. While each force of globalization is important, technological revolution has impacted the business models, value creation and differentiation (Spelman, 2010). The cloud computing technologies that have made the popular social networking...
7 Pages(1750 words)Coursework

Globalization and World Economic Forum at Davos 2010

The seven forces of globalization are; Markets, Production, Culture, Labor, Technology, Environment, and Liberalization. Of these factors, the globalization of markets has engaged substantial attention of the firms and academia. Some markets are highly globalized, while some are not. The scale of market globalization is determined by the extent of globalization of customers, customer needs, distribution channels and marketing strategies of the players in the industry (Stonehouse et al, 2004).

The phenomenon of globalization of markets has resulted in both advantages and disadvantages. It has resulted in the convergence in the requirement of features in a product and augmentation of the intensity of B2B and B2C communica...
7 Pages(1750 words)Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Economic Effects of Terrorism for FREE!

Contact Us