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Koklip, Adrian, Elenda, Xiuwen
GROUP REPORT
This report covers the impact which terrorism had bought to the world economy. It would use the U.S. 911 terrorism attack as its main example. This is because 911 is the main factor that had caused the world to realize the serious impact in which terrorism had caused.
1. INTRODUCTION
Terrorism is the threat of unlawful violence, or other harmful acts committed for political or ideological goals and its intention is to create fear. It is deliberately target on the safety of non-combatants.
Terrorism tends to thrives in societies which have broken down to the point where ordinary citizens decide to take the law into their own hands. As terrorism takes place, it will not only affect the country itself, it will cause uncertainty to other countries in the world.
Terrorism will bring about political impact, economy impacts as well as social impacts. In this report, we will be touching on the economy impact in which terrorism had bought to the world’s economy. One good example of terrorism is the U.S. 911 terrorist attack of the World Trade Centre.
2. CAUSES
Terrorism is often caused by personal psychology, religious fervor and ideological commitment. It may strike at anytime and anywhere as terrorists are universal. Factors that had encouraged terrorism can be classified into the following:
Terrorism had bought about the following impacts:
Mr Yar, (2007, Octorber, 17). Terrorism and world economies. Retrieved January 25, 2008, from http://www.bizcovering.com/E-Commerce/Terrorism-and-World-Economies.52503
Coordinator for Counterterrorism, Ambassador Francis X. Taylor (2002, March, 14). Impact of global terrorism. Retrieved January 25, 2008, from http://www.state.gov/s/ct/rls/rm/8839.htm
MERIA (2006). The Economic and Social Effects of Intensive Terrorism: Israel 2000 –2004. Retrieved 17 January 2008, from http://meria.idc.ac.il/journal/2006/issue3/jv10no3a9.html Roger M. Kubarych
(2001). Aftermath of the Terrorist Attack: Economic, Financial and Policy Consequences, 11 September 2001. Retrieved 17 January 2008, from http://www.cfr.org/publication/4041/aftermath_of_the_terrorist_attack.html?breadcrumb=%2Fissue%2F470%2Fterrorism_and_the_economy
(2007, May 30). “World economy & development: terrorism and the world economy.” Retrieved January 13, 2008 from World Wide Web: http://bluered-bluered.blogspot.com/2007/05/terrorism-and-world-economy.html
University of Toronto(2007, February 9). “UofT G8 information centre: 2000/01 speakers series.” Retrieved January 13, 2008 from World Wide Web: http://www.g7.utoronto.ca/speakers/baynenov2001.html
The Document Centre of University of Michigan(2002, September 12).One year later: restoring economic. Retrieved January 31, 2008, from: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=107_senate_hearings&docid=f:81798.pdf
Yar(2007, Octorber, 17). Terrorism and world economies. Retrieved January 25, 2008, from http://www.bizcovering.com/E-Commerce/Terrorism-and-World-Economies.52503
____________________________________________________________________________________________________________
Our group has chosen the topic on: 'Discuss the impact of terrorism on world economy'. Keywords we had identified are:
We will be discussing the impact that arises from terroism. Other variations used are:
- The Group-
____________________________________________________________________________________________________________ Hello!
I found 2 websites which is of great help to our project! 1st link: http://meria.idc.ac.il/journal/2006/issue3/jv10no3a9.html This article talks about the economic impact of terrorism on ISRAEL. It contains information on factors regarding the impact of terrorism on the economic. It talks about the impact on the Gross Domestic Product (GDP), the unemployment rate, the level on Inflation, the foreign direct investment, the stock market, the monetary stability, the government debt and changes in government defense spending and lastly, the Health of the tourism Sector in the country. I would be touching some of the more important impacts in details: Impact on the GDP During the period in question, Israel's GDP fluctuated considerably, there was a significant drop in the in the GDP during 2000 to 2001. Being a small economy, Israel is greatly impacted by the changes in the economic. 1 example would be as 2 largest trading partners of Israel are EU and US, hence when terrorism took places in these countries, Israel is largely affected mainly in the import and the export sector. Do comment :) 2nd link: http://www.terrormarketeffect.com/index.shtml This website is a very good website as it is nicely categories into different impacts on the economic by 1 factor by 1 page. It includes facors like how terrorism will have impact on world's economic like the impacts on the market, oil, air travel, import and export, tourism, insurance and so on.
-Xiuwen- _______________________________________________________________________________________________________________ Hi Peeps!
I had found one website which i think will be quite useful for our project. It consist of links to different aspects of the impact of terrorism. For our project, we only need to touch on the economic impact. Its main topic is EXAMINING UNEMPLOYED AMERICANS IN THE C0NTEXT OF THE CURRENT ECONOMIC SITUATION, FOCUSING ON TEMPORARY EMERGENCY UNEMPLOYMENT COMPENSATION (TECU) REFORM. Due to the event, unemployment rate had rosed so much that it was too much for the U.S. to contain. Terrorism happens in country like Afganistan too. The impact which terrorism caused is so drastic that it took years for the U.S. economy to recover and for consumers and investors to gain back their confidence. From the 911 incident, it had alerted government of all countries to take measure to prevent such events from happening. Money had to be spend on enhancing the country's security and control. Satistics from the website had shown how adversely the U.S. economy was affected within 1 year after the terrorist attack took placeSince the event of the 911attack, people across the world had been more aware of terrorism because the impact it brings about is too drastic. The impact of terrorism are which affected the U.S are the loss of property which amounted to tens of billions. Since then, there had been a dip in consumer spending as people stop buying and flying. Corporations investments decisions had been put on hold since. Unemployment rate in the U.S. had increased tremendously, even till now, there are not enough job being created to recover it. Also, there had been a large shortfall in the U.S. budget as money is needed for recovery of the country Hope this will help!!
Link: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=107_senate_hearings&docid=f:81798.pdf
The second website focus is on terrorism and the world economy. Before the 911 attack, the economy was booming. However, after the attack, there was a tremendous slowdown in the economy which caused the world to go into a state of recession. It is stated that in order to manage the risk of terrorism, it has to depends on the consolidate public trust. People should be determinate to cope with adversity and society's resilience power must be of that kind that they are able to manage such a risks. Trust is linked to a sense of security regarding the affairs of everyday life. Although at present there is no consensus about how to calculate terrorist risk, we need to be clear that such burdens can be shared by all communities.
Link: http://www.bizcovering.com/E-Commerce/Terrorism-and-World-Economies.52503
-Elenda.Q!- _________________________________________________________________________________________________________
I have found one resource that is related to our topic. It is discussion on the impact of global terrorism and also how is has affected businesses in the future. Take example from the terrorist attacks at September 11, it has resulted the U.S economy and the world economy to fall badly. Terrorism also raises the risk and cost of doing businesses, whether its business is diplomacy, manufacturing, or sales. Thus, it has caused an impact on the business community. This website is from U.S government website. It is remarked by Anbassador Francis.X, Taylor, Coordinator for Counterterrorism. This information was released on March 14, 2002. This website has provided a clear description on the topic that my group has chosen. The website link:: http://www.state.gov/s/ct/rls/rm/8839.htm This is another website that i have found. http://www.bizcovering.com/E-Commerce/Terrorism-and-World-Economies.52503 Firstly, this website has elaborated on two direct consequences of the terrorist act. First direct consequence which is the most direct consequence is that terrorist act are forcing Governments to spend more money on security, hence, this ultimately increases the cost of spending and decreases the revenue of the governments. Second direct consequence is the downfall of economic growth and economic recession. It talks about the attacks of 11th September 2001. Before the attacks, the growth rate of the whole world is 2.6% and after the attacks, the growth rate has dropped to 1.5% to 2.0%. The whole economic sectors like air transports, insurance companies and specially tourism are all interdependent. So a big failure on the economic may cause the failure of the rest of other big companies and raises many other problems and social instability. The incident of September 11th also has increased in the international arms trade, and can be expected to be 53billions dollars.
-Koklip
________________________________________________________________________________________________________
I have found two resources that are related to our topic.
First resource: http://bluered-bluered.blogspot.com/2007/05/terrorism-and-world-economy.html
Second resource: http://www.g7.utoronto.ca/speakers/baynenov2001.html
I will basically cover the coverage of two resources that I've found. For more details, you all can refer to my blog under UIR practical 6a and 6b. (http://nothingyeteverythingz.blogspot.com)
First resource: It explains on the impact of terrorism on world economy using a simple economic model to show the impact on the allocation of productive capital across countries. It also states that due to all these terrorism acts, foreign investments on the countries decreased by 5 percent of GDP even after controlling other types of country risks. This will result in a substantial impact on the world economy. The article is actually abstracted from another website: http://ksghome.harvard.edu/~aabadie/twe.pdf and it have the link to this website. In the source website, it contains the full article on ‘Terrorism and the world economy’ which comes with how they calculate the impact of the economy, other risks which may affect the economy, graphs and statistics on the economy. Therefore, the source link can be an alternative source for more detailed information on the impact.
Second resource: The website have stated that the financial institutions housed in the twin towers has been affected greatly. There is loss of business confidence in the country as firms are more reluctant to take risks or undertake new ventures. Aviation and tourism has also been hit extremely hard with the industries associated with them. There has also been a drop in customer confidence. However, the US economy has proved to be strong and with a determination not to give comfort to the terrorists. There have been substantial measures to ease monetary policy and fairly well coordinated. Countries started to think of policies to suit the need of the whole country and not only their country anymore.
Adrian-
This report covers the impact which terrorism had bought to the world economy. It would use the U.S. 911 terrorism attack as its main example. This is because 911 is the main factor that had caused the world to realize the serious impact in which terrorism had caused.
1. INTRODUCTION
Terrorism is the threat of unlawful violence, or other harmful acts committed for political or ideological goals and its intention is to create fear. It is deliberately target on the safety of non-combatants.
Terrorism tends to thrives in societies which have broken down to the point where ordinary citizens decide to take the law into their own hands. As terrorism takes place, it will not only affect the country itself, it will cause uncertainty to other countries in the world.
Terrorism will bring about political impact, economy impacts as well as social impacts. In this report, we will be touching on the economy impact in which terrorism had bought to the world’s economy. One good example of terrorism is the U.S. 911 terrorist attack of the World Trade Centre.
2. CAUSES
Terrorism is often caused by personal psychology, religious fervor and ideological commitment. It may strike at anytime and anywhere as terrorists are universal. Factors that had encouraged terrorism can be classified into the following:
- Demographic-- These are caused by high growth rates and over population
- Socio- economic-- These includes poverty, high unemployment rate and land tenure problems ·
- Political-- These are religious conflict, territorial conflict, and access to resources, disenfranchisement, ethnic conflict, or even revenge on the rival.
Terrorism had bought about the following impacts:
- Loss Opportunity in doing businesses
Terrorism had affected businesses across the world. It had caused the U.S economy and the world economy to fall badly. It had raises the risk and cost of doing businesses, whether its business is diplomacy, manufacturing, or sales. Thus, with cost rising and economy doing badly, investors are not willing to set up its business in the country
- Higher Government spending on security
The most direct consequence is that terrorist act is forcing Governments to spend more money on security. Hence, this ultimately increases the cost of spending and decreases the revenue of the governments. This had caused international arms trade to increase, and can be expected to be U.S. 53 billions dollars.
Terrorism had bought about the following impacts to the world economy:
- Economic recession
Terrorism had caused the downfall of economic growth and economic recession. Before the 911 attack, the growth rate of the world is 2.6% and after the attacks, the growth rate has dropped to 1.5% to 2.0%. The whole economic sectors like air transports, insurance companies and specially tourism are all affected as they are interdependent. Such big failure on the economic had caused the failure of the rest of other big companies and raises many other problems and social instability.
- Gross Domestic Product (GDP)
Since the 911 terrorism attack in 2001, Israel's GDP fluctuated considerably, there was a significant drop in the in the GDP during that period of time. Being a small economy, Israel is greatly impacted by the changes in the economic. As Israel’s 2 largest trading partners are European Union and United States, terrorism had affected the import and the export sector of Israel. Foreign investments in the world decreased by 5 percent of the country’s GDP even after controlled measures where taken to contain the situation. Thus, as GDP is one of the main factor in which a country’s economy is measured, this had resulted in a substantial impact on the world economy
- Decrease in consumer spending and corporate investment
Due to the terrorist attack, there had been a loss of business confidence in the country as firms are more reluctant to take risks or undertake new ventures. Aviation and tourism has also been hit extremely hard with the industries associated with them. There has also been a drop in customer confidence as people stop buying and traveling. This is due to their mentality of wanting to save more rather than spending in fear that such attacks would happen again However, the US economy has proved to be strong and with a determination not to give comfort to the terrorists. There have been substantial measures to ease monetary policy and fairly well coordinated.4. BIBLIOGRAPHY
Mr Yar, (2007, Octorber, 17). Terrorism and world economies. Retrieved January 25, 2008, from http://www.bizcovering.com/E-Commerce/Terrorism-and-World-Economies.52503
Coordinator for Counterterrorism, Ambassador Francis X. Taylor (2002, March, 14). Impact of global terrorism. Retrieved January 25, 2008, from http://www.state.gov/s/ct/rls/rm/8839.htm
MERIA (2006). The Economic and Social Effects of Intensive Terrorism: Israel 2000 –2004. Retrieved 17 January 2008, from http://meria.idc.ac.il/journal/2006/issue3/jv10no3a9.html Roger M. Kubarych
(2001). Aftermath of the Terrorist Attack: Economic, Financial and Policy Consequences, 11 September 2001. Retrieved 17 January 2008, from http://www.cfr.org/publication/4041/aftermath_of_the_terrorist_attack.html?breadcrumb=%2Fissue%2F470%2Fterrorism_and_the_economy
(2007, May 30). “World economy & development: terrorism and the world economy.” Retrieved January 13, 2008 from World Wide Web: http://bluered-bluered.blogspot.com/2007/05/terrorism-and-world-economy.html
University of Toronto(2007, February 9). “UofT G8 information centre: 2000/01 speakers series.” Retrieved January 13, 2008 from World Wide Web: http://www.g7.utoronto.ca/speakers/baynenov2001.html
The Document Centre of University of Michigan(2002, September 12).One year later: restoring economic. Retrieved January 31, 2008, from: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=107_senate_hearings&docid=f:81798.pdf
Yar(2007, Octorber, 17). Terrorism and world economies. Retrieved January 25, 2008, from http://www.bizcovering.com/E-Commerce/Terrorism-and-World-Economies.52503
____________________________________________________________________________________________________________
Our group has chosen the topic on: 'Discuss the impact of terrorism on world economy'. Keywords we had identified are:
- impact,
- terrorism,
- world,
- economy.
We will be discussing the impact that arises from terroism. Other variations used are:
- Foreign Attacks
- Effects, outcomes, influence
- Financial progres
- The Group-
____________________________________________________________________________________________________________ Hello!
I found 2 websites which is of great help to our project! 1st link: http://meria.idc.ac.il/journal/2006/issue3/jv10no3a9.html This article talks about the economic impact of terrorism on ISRAEL. It contains information on factors regarding the impact of terrorism on the economic. It talks about the impact on the Gross Domestic Product (GDP), the unemployment rate, the level on Inflation, the foreign direct investment, the stock market, the monetary stability, the government debt and changes in government defense spending and lastly, the Health of the tourism Sector in the country. I would be touching some of the more important impacts in details: Impact on the GDP During the period in question, Israel's GDP fluctuated considerably, there was a significant drop in the in the GDP during 2000 to 2001. Being a small economy, Israel is greatly impacted by the changes in the economic. 1 example would be as 2 largest trading partners of Israel are EU and US, hence when terrorism took places in these countries, Israel is largely affected mainly in the import and the export sector. Do comment :) 2nd link: http://www.terrormarketeffect.com/index.shtml This website is a very good website as it is nicely categories into different impacts on the economic by 1 factor by 1 page. It includes facors like how terrorism will have impact on world's economic like the impacts on the market, oil, air travel, import and export, tourism, insurance and so on.
-Xiuwen- _______________________________________________________________________________________________________________ Hi Peeps!
I had found one website which i think will be quite useful for our project. It consist of links to different aspects of the impact of terrorism. For our project, we only need to touch on the economic impact. Its main topic is EXAMINING UNEMPLOYED AMERICANS IN THE C0NTEXT OF THE CURRENT ECONOMIC SITUATION, FOCUSING ON TEMPORARY EMERGENCY UNEMPLOYMENT COMPENSATION (TECU) REFORM. Due to the event, unemployment rate had rosed so much that it was too much for the U.S. to contain. Terrorism happens in country like Afganistan too. The impact which terrorism caused is so drastic that it took years for the U.S. economy to recover and for consumers and investors to gain back their confidence. From the 911 incident, it had alerted government of all countries to take measure to prevent such events from happening. Money had to be spend on enhancing the country's security and control. Satistics from the website had shown how adversely the U.S. economy was affected within 1 year after the terrorist attack took placeSince the event of the 911attack, people across the world had been more aware of terrorism because the impact it brings about is too drastic. The impact of terrorism are which affected the U.S are the loss of property which amounted to tens of billions. Since then, there had been a dip in consumer spending as people stop buying and flying. Corporations investments decisions had been put on hold since. Unemployment rate in the U.S. had increased tremendously, even till now, there are not enough job being created to recover it. Also, there had been a large shortfall in the U.S. budget as money is needed for recovery of the country Hope this will help!!
Link: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=107_senate_hearings&docid=f:81798.pdf
The second website focus is on terrorism and the world economy. Before the 911 attack, the economy was booming. However, after the attack, there was a tremendous slowdown in the economy which caused the world to go into a state of recession. It is stated that in order to manage the risk of terrorism, it has to depends on the consolidate public trust. People should be determinate to cope with adversity and society's resilience power must be of that kind that they are able to manage such a risks. Trust is linked to a sense of security regarding the affairs of everyday life. Although at present there is no consensus about how to calculate terrorist risk, we need to be clear that such burdens can be shared by all communities.
Link: http://www.bizcovering.com/E-Commerce/Terrorism-and-World-Economies.52503
-Elenda.Q!- _________________________________________________________________________________________________________
I have found one resource that is related to our topic. It is discussion on the impact of global terrorism and also how is has affected businesses in the future. Take example from the terrorist attacks at September 11, it has resulted the U.S economy and the world economy to fall badly. Terrorism also raises the risk and cost of doing businesses, whether its business is diplomacy, manufacturing, or sales. Thus, it has caused an impact on the business community. This website is from U.S government website. It is remarked by Anbassador Francis.X, Taylor, Coordinator for Counterterrorism. This information was released on March 14, 2002. This website has provided a clear description on the topic that my group has chosen. The website link:: http://www.state.gov/s/ct/rls/rm/8839.htm This is another website that i have found. http://www.bizcovering.com/E-Commerce/Terrorism-and-World-Economies.52503 Firstly, this website has elaborated on two direct consequences of the terrorist act. First direct consequence which is the most direct consequence is that terrorist act are forcing Governments to spend more money on security, hence, this ultimately increases the cost of spending and decreases the revenue of the governments. Second direct consequence is the downfall of economic growth and economic recession. It talks about the attacks of 11th September 2001. Before the attacks, the growth rate of the whole world is 2.6% and after the attacks, the growth rate has dropped to 1.5% to 2.0%. The whole economic sectors like air transports, insurance companies and specially tourism are all interdependent. So a big failure on the economic may cause the failure of the rest of other big companies and raises many other problems and social instability. The incident of September 11th also has increased in the international arms trade, and can be expected to be 53billions dollars.
-Koklip
________________________________________________________________________________________________________
I have found two resources that are related to our topic.
First resource: http://bluered-bluered.blogspot.com/2007/05/terrorism-and-world-economy.html
Second resource: http://www.g7.utoronto.ca/speakers/baynenov2001.html
I will basically cover the coverage of two resources that I've found. For more details, you all can refer to my blog under UIR practical 6a and 6b. (http://nothingyeteverythingz.blogspot.com)
First resource: It explains on the impact of terrorism on world economy using a simple economic model to show the impact on the allocation of productive capital across countries. It also states that due to all these terrorism acts, foreign investments on the countries decreased by 5 percent of GDP even after controlling other types of country risks. This will result in a substantial impact on the world economy. The article is actually abstracted from another website: http://ksghome.harvard.edu/~aabadie/twe.pdf and it have the link to this website. In the source website, it contains the full article on ‘Terrorism and the world economy’ which comes with how they calculate the impact of the economy, other risks which may affect the economy, graphs and statistics on the economy. Therefore, the source link can be an alternative source for more detailed information on the impact.
Second resource: The website have stated that the financial institutions housed in the twin towers has been affected greatly. There is loss of business confidence in the country as firms are more reluctant to take risks or undertake new ventures. Aviation and tourism has also been hit extremely hard with the industries associated with them. There has also been a drop in customer confidence. However, the US economy has proved to be strong and with a determination not to give comfort to the terrorists. There have been substantial measures to ease monetary policy and fairly well coordinated. Countries started to think of policies to suit the need of the whole country and not only their country anymore.
Adrian-
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