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The Economic Consequences of September 11th
Member rating: No Rating | Words: | Submitted: Mon Jun 19 2006
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The Economic Consequences of September 11th On September 11th 2001 two aircraft were hijacked by terrorists and flown into the towers of the World Trade Center, New York. The towers collapsed and thousands of people were killed. Additional to the tragic loss of life, economic consequences were felt by the micro-economy of Lower Manhattan New York, the US economy, and the global economy as a whole. "More than 700 businesses located in the World Trade Center complex were either destroyed, or sustained extensive damage,"1 causing the loss of around 30% of Lower Manhattan's office space.2 Industries occupying this space, mainly financial services and retail, were directly affected.3 As a result of the attack, "from September 11th through to the end of year, New York financial services will account for $4.2billion in losses of economic output."4 Consumer demand in the local economy weakened dramatically whilst people grieved. "The Fiscal Policy Institute assumed a...
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