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Author: Congressional Research Service Library o Publisher: ISBN: 9781410220653 Category : Business & Economics Languages : en Pages : 68
Book Description
The tragedy of September 11, 2001 was so sudden and devastating that it may be difficult at this point in time to write dispassionately and objectively about its effects on the U.S. economy. This retrospective review will attempt such an undertaking. The loss of lives and property on 9/11 was not large enough to have had a measurable effect on the productive capacity of the United States even though it had a very significant localized effect on New York City and, to a lesser degree, on the greater Washington, D.C. area. Thus, for 9/11 to affect the economy it would have had to have affected the price of an important input, such as energy, or had an adverse effect on aggregate demand via such mechanisms as consumer and business confidence, a financial panic or liquidity crisis, or an international run on the dollar. It was initially thought that aggregate demand was seriously affected, for while the existing data showed that GDP growth was low in the first half of 2001, data published in October showed that GDP had contracted during the 3rd quarter. This led to the claim that "The terrorist attacks pushed a weak economy over the edge into an outright recession." We now know, based on revised data, this is not so. At the time of 9/11 the economy was in its third consecutive quarter of contraction; positive growth resumed in the 4th quarter. This would suggest that any effects from 9/11 on demand were short lived. While this may be true, several events took place before, on, and shortly after 9/11, that made recovery either more rapid than it might have been or made it possible to take place. First, the Federal Reserve had eased credit during the first half of 2001 to stimulate aggregate demand. The economy responds to policy changes with a lag in time. Thus, the public response may have been felt in the 4th quarter giving the appearance that 9/11 had only a limited effect. Second, the Federal Reserve on and immediately after 9/11 took appropriate action to avert a financial panic and liquidity shortage. This was supplemented by support from foreign central banks to shore up the dollar in world markets and limited the contagion of 9/11 from spreading to other national economies. Nevertheless, U.S. trade with other countries, especially Canada, was disrupted. While oil prices spiked briefly, they quickly returned to their pre-9/11 levels. Thus, it can be argued, timely action contained the short run economic effects of 9/11 on the overall economy. Over the longer run 9/11 will adversely affect U.S. productivity growth because resources are being and will be used to ensure the security of production, distribution, finance, and communication.
Author: Congressional Research Service Library o Publisher: ISBN: 9781410220653 Category : Business & Economics Languages : en Pages : 68
Book Description
The tragedy of September 11, 2001 was so sudden and devastating that it may be difficult at this point in time to write dispassionately and objectively about its effects on the U.S. economy. This retrospective review will attempt such an undertaking. The loss of lives and property on 9/11 was not large enough to have had a measurable effect on the productive capacity of the United States even though it had a very significant localized effect on New York City and, to a lesser degree, on the greater Washington, D.C. area. Thus, for 9/11 to affect the economy it would have had to have affected the price of an important input, such as energy, or had an adverse effect on aggregate demand via such mechanisms as consumer and business confidence, a financial panic or liquidity crisis, or an international run on the dollar. It was initially thought that aggregate demand was seriously affected, for while the existing data showed that GDP growth was low in the first half of 2001, data published in October showed that GDP had contracted during the 3rd quarter. This led to the claim that "The terrorist attacks pushed a weak economy over the edge into an outright recession." We now know, based on revised data, this is not so. At the time of 9/11 the economy was in its third consecutive quarter of contraction; positive growth resumed in the 4th quarter. This would suggest that any effects from 9/11 on demand were short lived. While this may be true, several events took place before, on, and shortly after 9/11, that made recovery either more rapid than it might have been or made it possible to take place. First, the Federal Reserve had eased credit during the first half of 2001 to stimulate aggregate demand. The economy responds to policy changes with a lag in time. Thus, the public response may have been felt in the 4th quarter giving the appearance that 9/11 had only a limited effect. Second, the Federal Reserve on and immediately after 9/11 took appropriate action to avert a financial panic and liquidity shortage. This was supplemented by support from foreign central banks to shore up the dollar in world markets and limited the contagion of 9/11 from spreading to other national economies. Nevertheless, U.S. trade with other countries, especially Canada, was disrupted. While oil prices spiked briefly, they quickly returned to their pre-9/11 levels. Thus, it can be argued, timely action contained the short run economic effects of 9/11 on the overall economy. Over the longer run 9/11 will adversely affect U.S. productivity growth because resources are being and will be used to ensure the security of production, distribution, finance, and communication.
Author: M. Morgan Publisher: Springer ISBN: 0230100066 Category : Business & Economics Languages : en Pages : 277
Book Description
The Impact of 9/11 on Business and Economics is the second volume of the six-volume series The Day that Changed Everything? edited by Matthew J. Morgan. The series brings together from a broad spectrum of disciplines the leading thinkers of our time to reflect on one of the most significant events of our time.
Author: Bryan W. Roberts Publisher: DIANE Publishing ISBN: 1437930468 Category : Business & Economics Languages : en Pages : 16
Book Description
Evaluates the macroeconomic impacts of the 9/11 attack on U.S. real GDP growth and the unemployment rate by examining how forecasts of these variables were revised after the attack occurred. By this approach, the immediate impact of the 9/11 attack was to reduce real GDP growth in 2001 by 0.5%, and to increase the unemployment rate by 0.11% (reduce employment by 598,000 jobs). Forecasted real GDP growth in 2002 fell dramatically immediately after the 9/11 attack but then recovered fully. The forecasted unemployment rate in 2002 rose sharply immediately after the 9/11 attack, but unlike real GDP growth, it never subsequently returned to a pre-9/11 level. Illustrations. This is a print on demand edition of a hard to find publication.
Author: Howard Chernick Publisher: Russell Sage Foundation ISBN: 1610441214 Category : Social Science Languages : en Pages : 347
Book Description
The strike against the World Trade Center on September 11, 2001, was a violent blow against the United States and a symbolic attack on capitalism and commerce. It shut down one of the world's busiest commercial centers for weeks, destroyed or damaged billions of dollars worth of property, and forced many New York City employers to slash their payrolls or move jobs to other areas. The immediate economic effect was substantial, but how badly did 9/11 affect New York City's economy in the longer term? In Resilient City, Howard Chernick and a team of economic experts examine the city's economic recovery in the three years following the destruction of the Twin Towers. Assessing multiple facets of the New York City economy in the years after 9/11, Resilient City discerns many hopeful signs among persistent troubles. Analysis by economist Sanders Korenman indicates that the value of New York–based companies did not fall relative to other firms, indicating that investors still believe that there are business advantages to operating in New York despite higher rates of terrorism insurance and concerns about future attacks. Cordelia Reimers separates the economic effect of 9/11 from the effects of the 2001 recession by comparing employment and wage trends for disadvantaged workers in New York with those in five major U.S. cities. She finds that New Yorkers fared at least as well as people in other cities, suggesting that the decline in earnings and employment for low-income New York workers in 2002 was due more to the recession than to the effects of 9/11. Still, troubles remain for New York City. Howard Chernick considers the substantial fiscal implications of the terrorist attacks on New York City, estimating that the attack cost the city about $3 billion in the first two years alone; a sum that the city now must make up through large tax increases, spending cuts, and substantial additional borrowing, which will inevitably be a burden on future budgets. The terrorist attacks of September 11 dealt a severe blow to the economy of New York City, but it was far from a knock-out punch. Resilient City shows that New York's dynamic, flexible economy has absorbed the hardships inflicted by the attacks, and provides a thorough, authoritative A Russell Sage Foundation September 11 Initiative Volume
Author: Stephen D. Biddle Publisher: DIANE Publishing ISBN: 1428910026 Category : Languages : en Pages : 50
Book Description
Grand strategy integrates military, political, and economic means to pursue states ultimate objectives in the international system. American grand strategy had been in a state of ux prior to 2001, as containment of the Soviet Union gave way to a wider range of apparently lesser challenges. The 9/11 attacks on the Pentagon and the World Trade towers, however, transformed the grand strategy debate and led to a sweeping reevaluation of American security policy. It may still be too early to expect this reevaluation to have produced a complete or nal response to 9/11 policies as complex as national grand strategy do not change overnight. But after 3 years of sustained debate and adaptation, it is reasonable to ask what this process has produced so far, and how well the results to date serve American interests.
Author: Susan Opotow Publisher: Fordham Univ Press ISBN: 0823281299 Category : History Languages : en Pages : 379
Book Description
An estimated 2 billion people around the world watched the catastrophic destruction of the World Trade Center. The enormity of the moment was immediately understood and quickly took on global proportions. What has been less obvious is the effect on the locus of the attacks, New York City, not as a seat of political or economic power, but as a community; not in the days and weeks afterward, but over months and years. New York after 9/11 offers insightful and critical observations about the processes set in motion by September 11, 2001 in New York, and holds important lessons for the future. This interdisciplinary collection brings together experts from diverse fields to discuss the long-term recovery of New York City after 9/11. Susan Opotow and Zachary Baron Shemtob invited experts in architecture and design, medicine, health, community advocacy, psychology, public safety, human rights, law, and mental health to look back on the aftereffects of that tragic day in key spheres of life in New York City. With a focus on the themes of space and memory, public health and public safety, trauma and conflict, and politics and social change, this comprehensive account of how 9/11 changed New York sets out to answer three questions: What were the key conflicts that erupted in New York City in 9/11’s wake? What clashing interests were involved and how did they change over time? And what was the role of these conflicts in the transition from trauma to recovery for New York City as a whole? Contributors discuss a variety of issues that emerged in this tragedy’s wake, some immediately and others in the years that followed, including: PTSD among first responders; conflicts and design challenges of rebuilding the World Trade Center site, the memorial, and the museum; surveillance of Muslim communities; power struggles among public safety agencies; the development of technologies for faster building evacuations; and the emergence of chronic illnesses and fatalities among first responders and people who lived, worked, and attended school in the vicinity of the 9/11 site. A chapter on two Ground Zeros –in Hiroshima and New York – compares and historicizes the challenges of memorialization and recovery. Each chapter offers a nuanced, vivid, and behind-the-scenes account of issues as they unfolded over time and across various contexts, dispelling simplistic narratives of this extended and complicated period. Illuminating a city’s multifaceted response in the wake of a catastrophic and traumatic attack, New York after 9/11 illustrates recovery as a process that is complex, multivalent, and ongoing.
Author: Yasuhide Okuyama Publisher: Springer Science & Business Media ISBN: 9783540214496 Category : Business & Economics Languages : en Pages : 344
Book Description
This book brings together a collection of innovative papers on strategies for analyzing the spatial and economic impacts of disasters. Natural and human-induced disasters pose several challenges for conventional modeling. For example, disasters entail complex linkages between the natural, built, and socio-economic environments. They often create chaos and economic disequilibrium, and can also cause unexpected long-term, structural changes. Dynamic interactions among agents and behavioral adjustments in a disaster become complicated. The papers in this volume make notable progress in tackling these challenges through refinements of conventional methods, as well as new modeling frameworks and multidisciplinary, integrative strategies. The papers also provide case study applications that afford new insights on disaster processes and loss reduction strategies.
Author: Walter Enders Publisher: Cambridge University Press ISBN: 1139504703 Category : Business & Economics Languages : en Pages : 407
Book Description
The Political Economy of Terrorism presents a widely accessible political economy approach to the study of terrorism. It applies economic methodology – theoretical and empirical – combined with political analysis and realities to the study of domestic and transnational terrorism. In so doing, the book provides both a qualitative and quantitative investigation of terrorism in a balanced up-to-date presentation that informs students, policy makers, researchers and the general reader of the current state of knowledge. Included are historical aspects, a discussion of watershed events, the rise of modern-day terrorism, examination of current trends, the dilemma of liberal democracies, evaluation of counterterrorism, analysis of hostage incidents and much more. The new edition expands coverage of every chapter, adds a new chapter on terrorist network structures and organization, accounts for changes in the Department of Homeland Security and the USA Patriot Act and insurance against terrorism. Rational-actor models of terrorist and government behavior and game-theoretic analysis are presented for readers with no prior theoretical training. Where relevant, the authors display graphs using data from International Terrorism: Attributes of Terrorist Events (ITERATE), the Global Terrorism Database (GTD), and other public-access data sets.
Author: National Defense University (U S ) Publisher: Government Printing Office ISBN: Category : Business & Economics Languages : en Pages : 132
Book Description
On August 24-25, 2010, the National Defense University held a conference titled “Economic Security: Neglected Dimension of National Security?” to explore the economic element of national power. This special collection of selected papers from the conference represents the view of several keynote speakers and participants in six panel discussions. It explores the complexity surrounding this subject and examines the major elements that, interacting as a system, define the economic component of national security.
Author: Congressional Research Service Library o
Author: Congressional Research Service Library o
Author: M. Morgan
Author: Bryan W. Roberts
Author: Howard Chernick
Author: Stephen D. Biddle
Author: Susan Opotow
Author: Stephen Brock Blomberg
Author: Yasuhide Okuyama
Author: Walter Enders
Author: National Defense University (U S )