Socio-Economic Impact of London 2012

Abstract

The Olympic Games are undoubtedly the largest sporting spectacle with a global audience tuning in every four years to watch the best athletes from around the world compete against one another. The Olympic Games provides the host city with the opportunity to present itself to the world in a positive light and in the process allow it to transform the city through major developments in preparation for the Games and inspire a nation. A major theme for any city wishing to host the Olympic Games is to set out and determine what legacy the Games will leave behind after they have finished. The literature provides a number of diverging opinions on the benefits of hosting the Olympic Games. There is plenty of research to suggest that hosting the Games provides a number of opportunities and benefits for the host city, including financial, social and cultural. However, there is some literature to suggest there are a number of drawbacks and pitfalls to hosting the Games which host cities need to be aware of. This research seeks to consider whether the costs associated with hosting the Olympic Games outweigh the potential tangible and intangible benefits and the legacy the Olympic Games leave behind. The aim of this study was to investigate the various socio-economic impacts the Olympic Games have on the host country. The perceived benefits of hosting the Olympic Games were considered against the various financial, social and cultural implications and costs that are associated with the Olympic Games such as large infrastructure development and the affect which this has on the local population. Thus, the purpose of this paper was to present a balanced view and perspective on the various benefits of hosting the Olympic Games versus the potential disadvantages which it may have on the host city.