Inflation and the cost of living
The History Hour27 Aug 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)

Episoder(469)

The Iranian Revolution

The Iranian Revolution

In February 1979, Ayatollah Khomeini returned from exile to Iran in the defining moment of a revolution that would change his country and the whole Middle East. In a special edition of the programme, Rebecca Kesby hears eye-witness accounts from the protestors who brought down the Shah, one of the Ayatollah's aides and an American embassy official taken hostage by Khomeini supporters. She also talks to the BBC Persian Service's special correspondent, Kasra Naji.PHOTO: Ayatollah Khomeini returning to Iran (Gabriel Duval, AFP/Getty Images.)

2 Feb 201949min

Vatican II: Reforming the Catholic Church

Vatican II: Reforming the Catholic Church

In January 1959 Pope John XXIII announced a council of all the world's Catholic bishops and cardinals in Rome. It led to sweeping reforms. Plus Carmen Callil recalls setting up Virago, the most successful feminist publishing house to date; India gives birth to the call centres and remembering the Carry-on films.(Photo; Pope John XXIII at the Vatican. Credit: Getty Images)

26 Jan 201941min

Strikers in Saris

Strikers in Saris

How South Asian women led thousands of UK workers in an industrial dispute in the late 1970s, plus Dr Crippen's alleged gruesome crime, Judy Garland's emotional last performances, the 'miracle waters' in Mexico and excitement over a whale in London's River Thames.(PHOTO: Jayaben Desai, leader of the Grunwick strike committee holding placard 1977 Credit: Getty images)

19 Jan 201950min

When Stalin Rounded Up Soviet Doctors

When Stalin Rounded Up Soviet Doctors

Stalin's last terror campaign against the best Soviet doctors, Castro's triumphant entry into Havana, the extraordinary story of how a destitute single mother produced a best selling memoir about her life in a Brazilian favela. Also, the controversy over 'Fat Is a Feminist Issue', and the world's only seed vault. Photo: Yakov Rapoport, one of the few survivors of Stalin's 'Doctors' Plot'. Credit: family archive.

14 Jan 201949min

Vikings in North America

Vikings in North America

The discovery that proved the Vikings got to North America, a former Marxist rebel describes how his group overran an army base in El Salvador's bitter civil war in the 1980s, the enormous palace built by the Romanian communist dictator, Nicole Ceausescu, how the prolific romantic novelist Barbara Cartland was made a Dame by the Queen and the summer of 1987 when thousands of tins of marijuana washed up on a Brazilian beach.Photo: Replicas of Norse houses from 1000 years ago at L'Anse aux Meadows. (LightRocket/Getty Images)

5 Jan 201950min

UFO Sightings: The Rendlesham Forest Incident

UFO Sightings: The Rendlesham Forest Incident

The most striking and well documented UFO "sightings" there have ever been plus the 1979 Soviet invasion of Afghanistan, the theft of the Stone of Destiny from Westminster Abbey in 1950 also one of the first electronic instruments and how Britain has long honoured its' military animals.(Photo: Computer illustration of UFOs - Unidentified Flying Objects)

29 Des 201851min

Stopping The 'Shoe Bomber'

Stopping The 'Shoe Bomber'

Passenger Kwame James recalls how he helped overcome the British-born Richard Reid on American Airlines flight 63. Reid had hidden explosives in his shoe which failed to go off. Plus, the US apology for the internment of thousands of Japanese Americans in WW2, the first computer password, the woman who wrote Mary Poppins and a British theatrical group tours the Sahara.Photo: One of the shoes worn by Richard Reid on the American Airlines flight to Miami (ABC/Getty Images)

22 Des 201850min

Apollo 8

Apollo 8

At Christmas 1968, the biggest audience in TV history watched NASA's Apollo 8 mission beam back the first pictures from an orbit around the Moon. The broadcast captured the world's imagination and put America ahead of the Soviet Union in the Cold War battle to make the first lunar landing. Plus, the rape of Nanking, WWII spy drama in the Netherlands and the woman who revolutionised the treatment of the dying.Picture: The Earth as seen from the Moon, photographed by the Apollo 8 crew (NASA)

15 Des 201850min

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