Inflation and the cost of living
The History Hour27 Elo 2022

Inflation and the cost of living

A compilation of witness accounts from when inflation and the cost of living were seriously affecting people's lives, among other topics.

In 1971, inflation was a huge problem in the USA so the President, Richard Nixon, made one of the most drastic moves in economic history; abandoning the Gold Standard. It became known as the 'Nixon Shock' and nearly caused a trade war between America and its allies. But, it also saved the US economy from a crisis. Ben Henderson spoke to Bob Hormats, an economic adviser in the Nixon administration, who was at the heart of decision-making.

In 1997, Bulgaria was in financial meltdown with hyperinflation making money worth a lot less. The country had emerged out of communism following the fall of the Soviet Union in 1989. Like other post-Soviet regimes, the country found the transition from communism to capitalism harder than expected. The President of Bulgaria, Petar Stoyanov, knew he had to do something and a recovery plan from one of Ronald Reagan’s key economic advisers was on the table. But would it work? Matt Pintus has been speaking to Steve Hanke, an economics professor.

In January 1980, Indira Gandhi's Congress (I) party was voted into power in India. Before the election, inflation meant that the cost of onions was unaffordable for many Indians. The price of the vegetable became a political hot potato in the election campaign. Reena Stanton-Sharma spoke to Suda Pai, a former Professor of Political Science at Jawaharlal Nehru University, Delhi.

In 2012, Syrian government soldiers surrounded Darayya, a suburb of Damascus, bombing buildings and searching for people who had spoken out against President Assad. Hundreds of people died over four days in what was described by activists as a “massacre”. Mohamad Zarda has been speaking to Laura Jones.

It has been 40 years since the first Gay Games were held in San Francisco in 1982. Attracting a large crowd and featuring more than 1,000 athletes from more than 100 countries, the event was organised by a group of LGBT activists, including former Olympians, to raise awareness of homophobia in sport. The Gay Games are now held every four years at venues around the world. In 2019, Ashley Byrne spoke to organiser Sara Waddell Lewinstein and athlete Rick Tomin. A Made in Manchester production for BBC World Service.

(Photo: President Richard Nixon with his economic advisers in 1971. Credit: Bettmann via Getty Images)

Jaksot(468)

Tanzania's Ujamaa

Tanzania's Ujamaa

Socialism in Tanzania, the man who assassinated the Dominican dictator Rafael Trujillo, the crash of the Soviet supersonic jet Concordski, 20 years to build a road and Date Rape(Photo: Tanzanian women cultivating the soil. Credit: AFP/Getty Images)

4 Kesä 201650min

The Thalidomide Trial

The Thalidomide Trial

Executives of the German company that made the drug Thalodomide go on trial. Plus, Chechen rebels negotiate peace with President Yeltsin; the Israeli airlift of 14,000 Ethiopian Jews; Hands Across America, the day millions of Americans formed a human chain to try to end poverty; and the execution of the Queen of England, Anne Boleyn.Photograph: A Thalidomide child undergoes rehabilitation, 1963 (Credit: Keystone/Getty Images)

28 Touko 201650min

Remembering Chernobyl

Remembering Chernobyl

Chernobyl, the world's worst nuclear disaster; the funeral of Charles Darwin, whose theory of evolution changed the world; plus, the impact of being accused during the McCarthy era in America, and two style icons of the Sixties, the Mini and Yves St Laurent.Photo: a Swedish farmer wears protective clothing because of contamination from the Chernobyl nuclear disaster (Credit: STF/AFP/Getty Images)

30 Huhti 201650min

The Original Revolutionary Feminist

The Original Revolutionary Feminist

Russia's revolutionary feminist, British women after the First World War, poisoning in the Balkans, a miscarriage of justice in Britain, and the world's worst aviation disaster

12 Maalis 201650min

The Battle of Verdun

The Battle of Verdun

The World War One battle that traumatised France; the Austrian mountaineer who wrote Seven Years in Tibet; how Christian Dior revolutionised fashion with the 'New Look'. Plus, how Foot-and-Mouth disease broke the hearts of British farmers and the botched assassination which humiliated the Israeli Secret Service.(Photo: French Troops under fire at Verdun. Credit: General Photographic Agency/Getty Images)

20 Helmi 201650min

Prozac

Prozac

The birth of the Prozac generation, the battle to save Afghanistan's ancient artworks and death and violence in the Spanish embassy in Guatemala. Plus we hear about an American political corruption scandal and the launch of the Disney classic, Snow White and the Seven Dwarfs.

6 Helmi 201650min

The Challenger Disaster

The Challenger Disaster

The launch of space shuttle Challenger goes horribly wrong, Rupert Murdoch goes to war with his print unions, Australia's 18th century penal colonies, Sharia law in Nigeria, and Batman comes to TV.Photo: Christa McAuliffe (left) and Barbara Morgan. Credit: Nasa

30 Tammi 201650min

Michael Jackson's Thriller

Michael Jackson's Thriller

The 1982 release of the world's best selling album; plus the untimely death of General George S Patton; the former child star Karolyn Grimes on the film It's A Wonderful Life, the Beagle 2 mission to Mars, and Vladimir Nabokov's scandalous book, Lolita.(Photo: Michael Jackson and assorted zombies in the video for Thriller in 1983. Credit: 01/01/1983 Publicity Handout)

31 Joulu 201545min

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