A Lesson from the Austerity Olympics

No, this is not a reference to the UK of 2012 which, along with most European countries, is fighting a losing economic battle to grow by imposing strict austerity measures. Instead, the 'Austerity Olympics' refers to the 1948 London Olympics. I remain optimistic about the prospects for the London 2012 Olympics to generate international goodwill and a measure of economic gain, albeit shortlived, despite the country's drastic macroeconomic policies of the past 2-3 years. The hoped-for Olympics success in 2012 will be the result of the significant investments being made in permanent infrastructure upgrades, economic revitalization, tourism programs and innovative post-Olympics facilities usage. But in 1948 no such investments were made or even possible. London had emerged victorious from World War II but not without signficant cost--in addition to the horrible loss of life, the country was nearly bankrupt. The UK saw the 1948 Games as a way to generate badly needed revenues from visitors. Miraculously, the UK came together in a stunning example of national unity to host one of the most successful Olympics ever, serving as a beacon of hope at a time the world needed it, and even turning a small profit in the process. While we are not recovering from the unrivaled devastation of a world war in 2012, much of the world is still struggling to recover from the devastation of the global financial meltdown of 2007-2008. I can think of no better city in the world to, once again, lift our collective spirits and help the Olympics serve as the world's beacon of hope.