Analysis of the 2012 London Olympics - Essay Example

ANALYSIS OF THE LONDON OLYMPICS Introduction Large sporting competitions are always an activity that many counties compete for its hosting rights. This is because of the many perceived benefits that the competitions have on the particular economy of the host countries (Alexander 2008, p. 130; Wang 2009, p, 56). Large competitions usually involve different kinds of sports that require host countries to have the capacity to hold them successfully. Some of the large competitions may not necessarily involve many sports like the football world cup, yet the fame and hype that these competition has is enough to attract a lot of bid from different countries that feel to host them. Hosting the Olympic Games has also been something that many countries want to be associated with especially when it comes to hosting (Tcha 2004, p. 312). The history of the Olympics back to Athenian period, where they are thought to have originated from (Veraros, Kasimati & Dawson 2004, p. 749-50). Since then, the competitions have developed and increased in the number of sporting events and the manner in which the competitions are organized. The Olympic Games are usually held after every four years, compared to other sporting events that in most cases take place on a biennial basis. Organization of the Olympic Games is a mandate of the International Olympic Committee (IOC), a body that was initiated in 1894 with current headquarters in Britain. Currently, many countries across the world dream of hosting the Olympic games after the time required, there is always a lot of bidding for hosting rights of the sporting event. The motivation to host these events is usually preceded by the thought of perceived benefits that the events pose to the state (Caporale, Economou & Philippas, 2008, p. 10; Berman, Brooks & Davidson 2000, p. 785). Previously, statistics and records compiled at the end of the Olympic Games show that in spite of the huge costs incurred in preparations for hosting of the events, there are huge benefits derived from successful Olympic Games. The London Olympic 2012 The 2012 Summer Olympics were also commonly referred to as the 2012, and were a major international multi-sport event that were held and celebrated in the tradition of the Olympic games. These events took place in the London capital in the United Kingdom in the 2012 and attracted more than 200 nations with over 10, 000 athletes taking part in the different athletics categories. Following a successful bid, London was able to outwit other fierce rivals in the hosting process that included Russia’s Moscow, the New York City of United States as well as Madrid city of Spain. What motivated London capital to host the London 2012 games? The answer to this question was revealed after the events ended successfully (City of Vancouver, 2004, p. 1). An analysis of the impact of these events showed a great impact on the social, economic as well as tourism sector, something that makes other nations try their best to win the hosting rights. The benefits of the Olympic Games go beyond the period during which the event is being held, the people who attend the games will always want to come and explore the city long after the event has been held. The particular event therefore serves a good platform for the hosting to display the tourism potential of the country. The Impact of the London 2012 games The study and analysis of the impact of the London 2012 to the economy of London adopted a sustainable development structure, which explored the impact in three main sub-categories as shown below Economic Impact assessment Conducting a successful Economic Impact Assessment of the London 2012 games followed an intensive analysis of the effects of the games on diverse economic activities ; first, the effect of the games on general spending had to be analyzed (Terrell & Fomby 2006, p. 102; Siegfried & Zimbalist 2006, p. 420). The analysis on general expenditure focused on some organizations such as the organizing committee as well as by individuals who participated in the games, either as spectators or as participants. The spending by the committee included expenditures in developing the necessary infrastructure for effective facilitation of the events; this was done in the pre-games as well as during the actual games (Kasimati 2003, p. 435). The advantage with such expenditure is that after the games, the infrastructure has remained to benefit the people, where many have praised the event saying that were it not for the games, the such development may not have been felt, or it would have taken long for the government to make such investments. Spending by the people who came for the games was mainly on transport fees to the venues, accommodation in hotels as well as food and entertainment. This expenditure was one for the spectators, athletes as well as officials and representatives of different national and international media that were present to cover the event. This expenditure was important in increasing business opportunities for different business and companies that took advantage of the increased demand (Hotchkiss et al. 2003, p. 680; Goldsmith et al 2012, p. 1). Hoteliers made a kill by providing different services by the many people present in London at that time. An increase in business and other economic activities in a country are responsible for increasing the economy of that country, and this was the exact case for the economy of England (Clark, Cornwell & Pruitt, 2002, p. 20). The Olympic Games created new business opportunities for the natives of London and the entire Britain, there were many entrepreneurs who sold items that had been branded in the colours of London 2012 games. At the same time, people also created different items that had the colours of the flags of participating countries in order to sell to the spectators of the particular countries. The Hotel industry was also not left behind; there were many foods from different countries according to the teams that were taking place in the games. In general, the level of business transactions went up, raising the overall GDP of the country (Samitas, Kenourgios & Zounis 2008, p. 1570). One of the sectors that benefited immensely from the games was the tourism sector; this sector still enjoys numerous benefits from the games, long after they ended two years ago. Many of the people that visited the city of London have wanted to come back and enjoy the pleasantries of the city. The hosting of the games had presented an opportune moment for the country to display its tourism potential, knowing that it was to go a long way in improving the sector (Barton, 2004, p. 12; Ashton, Gerrard & Hudson, 2003, p. 784). The growth of this sector during and after the London games has continued to have a multiplier effect, the hotel and transport industries have been the beneficiaries from this multiplier effect. Social Impact of the London 2012 Games The London games had far reaching positive impact on the social sphere just as it was for the economic sector. The increased population in the London capital during the games meant that people interacted and exchanged cultures. One of the most of that the new friendships and social relations at that time were potential sources of business opportunities for most people. The people in London and England in particular, having been known for their hospitality increased their networks of friends and partners. It was fun knowing and understanding about the cultural practices of different people from all over the world. Restaurants prepared different dishes for different people from across the world in order to increase their market share during the events. There was increased job opportunities for different people who understood about the language and different cultural aspects of different nations that were taking place in the competitions. One of the things that were common during the London 2012 was the “feel good factor” in the natives of London. It is not a secret that hosting a big event like the Olympic Games brings much prestige to the particular host country. This is because of the intensive bidding process and the huge investments that governments must be willing and able to make. The feel good factor makes natives of the particular city feel proud of hosting the event, which was the exact scenario of the Britons in the London capital. It is important to appreciate the fact that hosting the Olympic games is not an undertaking for the faint-hearted, countries managing to make successful hosting deserve to feel good and have the bragging rights. Environmental impact of the London 2012 Games In as much as the games seemed to have several economic and social benefits to the London capital as well as the economy of the country, the games brought number of issues that most people would never have wanted to have. It is usually an obvious observation that whenever there is population increase in any place, there are diverse environmental effects. During the London Olympics, there was a lot of environmental effects including air, water and land pollution. The hype and loud celebrations from the people cheering for their teams created much noise pollution that would have deafened ones ears. At the same time, it was also difficult to monitor every person in the city; this led to a lot of land pollution by some people who would easily dispose their wastes in the environment. There were places that had a lot of litter spread on the open ground; the same observation was also made in the water bodies. However, there was much efforts made in order to ensure that people were able to follow the ad down procedures. The games have led to establishment of industries that support environmental management and conservation during such events in future (Floros 2010, p. 650; Dwyer, Forsyth & Spurr, 2003, p. 120). There has also been widespread campaign about the importance of environmental management and conservation so the everybody can take part in activities organized to ensure success in this aspect. In conclusion, it is important to understand that organizing of large sporting events have a lot of benefits and prestige to the country (Masterman 2004, p 234; Apergis & Miller, 2005, p. 515). At the same time, there are huge financial inputs needed in order to have successful events. However, there are many positives compared to the inputs required, this is because the infrastructure that is left behind after the games becomes helpful in the growth of the economy. Bibliography Alexander, C. 2008. Practical Financial Econometrics, John Wiley & Sons, New York, NY. Apergis, N. & Miller, S. 2005. "Money volatility and output volatility: any asymmetric effects? 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