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Did 9/11 change the world?


On September 11th 2001, a normal working day for most people was to be turned upside down because of a horrific incident happened which changed the world. This incident was the killing of approximately 3,000 innocent lives who were victims of numerous terrorist attacks. It all began with American Airlines Flight 11 crashing at a speed of roughly 470 into the side of the North Tower of the World Trade Centre and ending with President Bush making no distinction between the terrorists who committed the acts and those who harbour them. In this paper I will look into whether things have changed, how these changes are manifest and up to what degree.
There has been a big economic change over the past few years; in the five years since the attacks of September 11, 2001 the estimated cost of attacks to US based solely on property losses and insurance costs was $21billion with a further estimated $430 billion on what President George W. Bush calls the global war on terrorism (Chernick, 2005). From the day of the attacks and the following months the FTSE 100 went from around 6300 points and bottomed at 3287, only now 6 years on has the FTSE recovered to its previous high at 64939 (Guardian, 2002)
Due to the large size of the U.S. economy, America is an important market for many countries. Sharp shifts in the health of the U.S. economy can have important short run consequences for the economies of U.S. trading partners, especially Canada, Mexico, and Japan. About 40% of Canada’s output is exported to the United States (Bnet, 2003)
Economic changes since 9/11 is not restricted to negative change; there has been ‘positive’ change. Whilst the events of 9/11 created an atmosphere of fear and suspicion among Pakistani expatriates living in the US, the benefits became increasingly noticeable back home.
Since Pakistan joined the US coalition against the "war on terror". The forex reserves now stand at...