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The detrimental impact that the 911 Terrorist Attack had on the NYC/US Economy - Term Paper Example

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The detrimental impact that the 9/11 Terrorist Attack had on the NYC/US Economy Introduction The activities of terrorism have caused detrimental effects on the economy of the country not only in the short run but also in the long term perspective. The 9/11 terrorist attack on the United States is one of the worst attacks of terrorism on the economy of a country that destroyed the infrastructure of the New York City and the also devastated the lives of the people of the US…
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The detrimental impact that the 911 Terrorist Attack had on the NYC/US Economy
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Download file to see previous pages The activities of terrorism not only have direct material impacts on the victims who have been affected by the evil activities of the terrorists but also increase the overall expenditure of the government in restructuring the nation and laying the path of its recovery. Apart from the steps taken by the government in rebuilding the nation, the policy makers and the government have to incur huge expenditures in terms of billions of dollars in redesigning the security framework for detection of the activities of terrorism. The country’s expenditure in effective prosecuting the terrorists and putting them behind the bars in order to punish the terrorists goes up rapidly. The political commitments as well as the policies aimed at social welfare and protection of the people of the country against the activities of terrorism leads to huge outflow of funds for the government. The impacts of terrorism on an economy could be broadly subdivided into the primary impacts and the secondary impacts (Richardson, Gordon and Moore, 2007). ...
ge due to the terrorist activities on the households is significant as it creates a sense of fear in the society that impacts the economic activities performed by them in an adverse manner. The business houses in the private sector are frequently affected by the terrorist activities as its results in the destruction of buildings properties of the private companies in the economy. The public sector companies are relatively better protected as compared to the private sector in context to terrorism as the public organizations and their properties are better protected through vigilance and guards against the suspected incidents if terrorism. Despite the security arrangements, the public sector organizations are also affected by the evil intentions and activities of the terrorists as the terrorists find ways to break through the security infrastructure put in place by the government. The secondary impacts of terrorism explain the impact on the inter-connected economic structure of the country due to the inter-linkage between different sectors of the economy of the country. The various sectors of the economy that is impacted by terrorism are the tourism industry, the domestic and foreign direct investments in the economy, the performance of the stock markets, foreign trade of the nation and the national income level. Thus the investments and business activities in the economy is hampered as a result of the terrorist attacks. The people tend to move away from visiting the place of terrorist attacks and the investors prefer not to invest on the economy that faces terrorism. Cost and harm of terrorism activities on US economy The cost and harm of the activities of terrorism on the US economy have been explained as follows. As a result of the 9/11 terrorist attack, there has ...Download file to see next pages Read More
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