CASE STUDY 8.2 Sochi Olympics—What’s the Cost of National Prestige?

The Olympics happen every two years and the focus is usually centered mostly on the athletes, but 2014 proved to be different. Instead, topics of overspending, terroris threats, graft and corruption in high places, and criminal activities took center stage during these winter games. With an initial budget of $12 billion, the final price tag on the Sochi Olympics is estimated to have surpassed $51 billion, leaving many people scratching their heads. How could the Winter Games become so expensive, and where did all the money go?

Previously, the most expensive games were the 2008 Beijing Summer Olympics. However, at an estimated price tag of $40 billion, that total was still far ...

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