The last financial crisis 2007-2009 Research Paper

The last financial crisis 2007-2009 - Research Paper Example The economic crisis was associated with great losses of financial wealth, economic output, increased government interventions, psychological consequences among other significant costs. This paper will assess the extent to which the Qatar and other countries in the Gulf Cooperation Council were affected by the financial crisis. Impact of the Financial Crisis of 2007-2009 on the Gulf Area Introduction This paper aims at studying the impact of the global financial crisis of 2007-2009 on the countries in the Gulf Cooperation Council (GCC), or the Gulf Area. The Gulf Area is an economic and political Union of Arab states around the Persian Gulf including Kuwait, Bahrain, Saudi Arabia, Oman, The United Arab emirates and Qatar. The cooperation was established in 1981 to foster unity and trade and cooperation among the member states. The Gulf Area consists of the fastest growing economies mostly due to the revenues gotten from huge deposits of natural resources such as oil and natural gas. T his paper will largely be based on the impact of the global financial crisis on the economy of Qatar with some examples drawn from the other countries in the Gulf area. Petroleum is the backbone of Qatar’s economy and accounts for about 70% of the countries revenues (Read, 2009). The GDP of Qatar ranks among the robust in the world and it has become a major player in the global economy from the region. This essay will try at analyze the impact of the global financial crisis on the economy of Qatar as well as its reaction to the crisis as well as how the other countries in the Gulf were affected. The main objective of this essay will be to answer the question as to how the last financial crisis (2007-2009) affected the economic situation in the Gulf area. The economic crisis of 2007-2009 was associated with great losses of financial wealth, economic output, increased government interventions, psychological consequences among other significant costs (Read, 2009). Although the f inancial crisis began in the Western countries, its impact was felt across the world, with most economies feeling the impact. The crisis is deemed by most economists as the worst financial crisis ever since the Great Depression that befell in the 1930s. The 2007-2009 global financial crisis resulted in downturns in major stock markets across the world, and threatening the collapse of some of the largest financial institutions in major economies around the globe (Read, 2009). This resulted in government interventions to bail out banks and other financial institutions as well as big companies in order to protect the economy from collapsing. Some of the results of the financial crisis across the globe included massive prolonged unemployment, high interest rates, and housing crisis among others. The crisis also led to a reduction in global economic activities between 2007 and 2012 and played a major role in the debt Crisis in the European countries (Fried, 2012). The global financial cr isis has been attributed to various causes, mostly from the West. According to the U.S. Senate’s Levin-Coburn report, the financial crisis occurred as a result of complex, high risk financial products and cases of undisclosed conflicts of interests among different parties, as well as the inadequacy of proper regulators. Most critics have pointed out to the repeal of the Glass-Steagall Act (1999) of the US as the origin of the financial

ART HISTORY Essay Example | Topics and Well Written Essays - 1250 words

ART HISTORY - Essay Example This construction is often used in bazaars in some of the Arab markets today. Pei and Parteners.The Bank of China, 1989 was constructed as beautiful architectural masterpiece with geometrical perfection of the mathematical design of each piece of glass. This was the precursor of his constructing the pyramids of the Louvre. Architecture in the commercial world has been transformed into art in itself. The design of Pei, the US Pavillon of Budminister Fuller and the beautiful buildings of Frank Lloyd Wright are just a small indication of how architechure has changed since the early 1950's. Art is to be beautiful to the eye visible at 180Â ° and promote social cohesion. Chapter 10: MORTALITY AND IMMORTALITY Man was deified and made immortal through art. 3000 BCE were the Pyramids in Egypt or the Chichen Itza in Mexico. Because of many social changes including the overcrowding of cities, graveyards became the responsibility of civil authorities. This can be seen in the Romanticism era wi th Pere LaChaise in 1804. (p265). As more controls were established less ornaments were allowed on gravestones. In some graveyards, stones were discontinued all together as in Memorial Lawn outside of Los Angeles. It is significant to bring up the Mausoleum of Mao Zedong in Tiananmen Square (p 266) for the architecture of the building and for the statue outside. A similar edifice can be seen in North Korea and in Moscow. There are two photos in this section which the writer feels should go in Chapter 12. Chapter 12: SOCIAL PROTEST AND AFFIRMATION The following two photos were in the last chapter for the number of people who have died. It is important to look at the date of publication of this book and the six years that have past and the importance of social affirmation. "Modern commemorative art serves a psychological need of loss" and of closure. The AIDS Memorial Quilt is a commemorative work which promotes cohesion. Other commemorative works in Chapter 11: USA MARINE CORPS WAR ( p 297) and the Vietnam Veterans Memorial, (p 1982) No other time in history have people been able to congregate in masses to mourn their losses. The most significant piece of architecture today is the computer designed Liberty Tower or 7TC. Land has been broken and it is scheduled to be finished in 2013. This site represents a corporate structure built will a shape that has never been used before which has no national or cultural significance. It will be used a memorial for the thousands who have died and who have died in war. In building one of the highest buildings in the world, it will be a social protest and a social affirmation that terrorism can be won. The context might be considered subjective to those who were not part of September 11 2001. Context therefore is depended on the person's culture. An American reading this report will not have the same perspective as someone from an Eastern