The Olympics have evolved dramatically since the first modern games were held in 1896. In the second half of the twentieth century, both the costs of hosting as well as the revenue produced by the spectacle grew rapidly, sparking controversy over the burdens being shouldered by host countries. A growing number of economists argue that both the short- and long-term benefits of hosting the games are at best exaggerated and at worst nonexistent, leaving many host countries with large debts and maintenance liabilities. Instead, many argue, the bidding and selection process should be reformed to incentivize realistic budget planning, increase transparency, and promote sustainable investments that serve the public interest.
As Rio de Janeiro struggles with rising crime, funding shortfalls, underequipped police forces and hospitals, and worries over the Zika virus, its 2016 Games have highlighted the ongoing debate over the costs and benefits of hosting such a mega-event.
When did the costs of hosting the games become a concern?
For much of the twentiety century, the staging of the Olympic Games represented a manageable burden for the host cities. The events were held in developed countries, either in Europe or the United States, and in the era before television broadcasting, hosts didn't expect to make a profit. Instead, the games were publically funded, with these advanced countries better positioned to bear the costs due to their larger economies and more advanced infrastructure.
The President of the Center for International Relations and Sustainable Development (CIRSD), Vuk Jeremić delivered a lecture at ADA University, Azerbaijan’s top-tier educational institution entitled "Geopolitics of the Balkans and How it Relates to the Caucasus”.
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Vuk Jeremić lectures at the Diplomatic Academy in Vienna
At the invitation of the Diplomatic Academy in Vienna, one of the most prestigious and oldest schools on the European continent, CIRSD President Vuk Jeremić delivered a lecture entitled “(Geo)politics of the Balkans: The Revenge of History”, on February 7th, 2023.
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Prof. Sachs: “Sanctions against Russia ineffective and contrary to international law”
CIRSD had the privilege to host one of the world’s brightest minds and most famous economists – Prof. Dr Jeffrey Sachs in a live discussion titled "The winter of Our Discontent".
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Central Asia: The Age of Reform
The Center for International Relations and Sustainable Development (CIRSD) co-organized a conference on December 7, 2022, titled “Central Asia: The Age of Reform” at the Diplomatic Academy of Vienna, one of the most prestigious and oldest (1754) schools in Europe.
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