<P> Many economists are sceptical about the economic benefits of hosting the Olympic Games, emphasising that such "mega-events" often have large costs while yielding relatively few tangible benefits in the long run . Conversely hosting (or even bidding for) the Olympics appears to increase the host country's exports, as the host or candidate country sends a signal about trade openness when bidding to host the Games . Moreover, research suggests that hosting the Summer Olympics has a strong positive effect on the philanthropic contributions of corporations headquartered in the host city, which seems to benefit the local nonprofit sector . This positive effect begins in the years leading up to the Games and might persist for several years afterwards, although not permanently . This finding suggests that hosting the Olympics might create opportunities for cities to influence local corporations in ways that benefit the local nonprofit sector and civil society . </P> <P> The Games have also had significant negative effects on host communities; for example, the Centre on Housing Rights and Evictions reports that the Olympics displaced more than two million people over two decades, often disproportionately affecting disadvantaged groups . The 2014 Winter Olympics in Sochi were the most expensive Olympic Games in history, costing in excess of US $50 billion . According to a report by the European Bank for Reconstruction and Development that was released at the time of the games, this cost will not boost Russia's national economy, but may attract business to Sochi and the southern Krasnodar region of Russia in the future as a result of improved services . But by December 2014, The Guardian stated that Sochi "now feels like a ghost town", citing the spread - out nature of the stadiums and arenas, the still - unfinished construction, and the overall effects Russia's political and economic turmoil . Furthermore, at least four cities withdrew their bids for the 2022 Winter Olympics, citing the high costs or the lack of local support, resulting in only a two - city race between Almaty, Kazakhstan and Beijing, China . Thus in July 2016, The Guardian stated that the biggest threat to the future of the Olympics is that very few cities want to host them . </P> <P> The Olympic Movement encompasses a large number of national and international sporting organisations and federations, recognised media partners, as well as athletes, officials, judges, and every other person and institution that agrees to abide by the rules of the Olympic Charter . As the umbrella organisation of the Olympic Movement, the International Olympic Committee (IOC) is responsible for selecting the host city, overseeing the planning of the Olympic Games, updating and approving the sports program, and negotiating sponsorship and broadcasting rights . </P> <P> The Olympic Movement is made of three major elements: </P>

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