sky scrapers - cause of recession in economies- a debate
According to a story by the BBC, Barclays is reporting an "unhealthy correlation" between the building of skyscrapers and subsequent financial crashes
Empire State building, built as the Great Depression was underway, and the current world's tallest, the Burj Khalifa, built just before Dubai almost went bust.
"Often the world's tallest buildings are simply the edifice of a broader skyscraper building boom, reflecting a widespread misallocation of capital and an impending economic correction,"
Barclays noted that the world's first skyscraper, the Equitable Life building in New York, was completed in 1873 and coincided with a five-year recession.
Malaysia's Petronas Towers in 1997, which coincided with the Asian financial crisis.
Mukesh Ambani built his own skyscraper in Mumbai, a 27-story residence believed to be the world's most expensive home
over the next five years india intends to complete 14 new skyscrapers.
Are we heading into a ditch of recession ?
koi nahi
Pramod i believe that too much hype and investment is the main cause of skyscraper causing recession. The return on investment on such huge edifice is the main issue, ultimately they become white elephant. Sometimes the architects in their quest to offer the best design to their customers ignore vastu and therefore bring bad luck along with the edifice. Atilla is a classic case of ignoring Vastu, now the Ambani's are using is as private hotel cum cinema theatre.
yes, Umesh ji, I fear some troubles in asian zone due to this.
Even in the old Testament, we have this myth of Tower of Babel. God got angry when man started building the tower of Babel and punished man. Maybe that myth also refers to the same phenomenon in olden times.
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