Choosing A Host Country For An Olympic Game Essay
Choosing a host country for an Olympic Game is one of the most important decisions the International Olympic Committee makes. Countries that desire to host the Olympic Games go through three stages of the candidature process and after the long seven- year process, the host country for the Game is announced (Olympic.org). Countries propose their candidature to host the Olympics for different reasons. Some of them hope to achieve economic growth by hosting the Game, some want to strengthen their position in the international arena, and others hope to introduce a new sector of investment in the country, such as tourism.
Present 4 arguments
Although there are many benefits of hosting the Olympic Games, there are also a number of disadvantages. Thus, the idea of potentially abolishing the bidding process and opening a permanent site for the Olympic Games has been heavily debated. Supporters of this idea explain that hosting an Olympic Game is simply a financially risky proposition. According to Lowell R. Ricketts, Senior Research Associate at the Federal Reserve Bank of St. Louis, there have been a significant amount of cases where the host country faced a tremendous financial burden to host the Olympics (1). For instance, the 1896 Athens Summer Olympics “nearly lost everything while hosting the Olympics” due to the initially understated cost of the Olympics (Ricketts 4) Additionally, an Oxford University study examined the Olympic Games from 1962 to 2012 and discovered a…