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(470)

The End of Apartheid

The End of Apartheid

Former South African police minister on ending apartheid, eyewitness to Black Hawk Down, landmark sexual harassment case in India, the last South American war and a record breaking solo trek across the Antarctic Picture: Anti-apartheid protestors demonstrate in Cape Town on the same day that President de Klerk announced the lifting of the ban on the ANC and the release of all political prisoners, including Nelson Mandela (Credit: RASHID LOMBARD/AFP/Getty Images)

4 Feb 201750min

The Aboriginal Tent Embassy

The Aboriginal Tent Embassy

On 26 January 1972 four Aboriginal men began a protest outside Parliament House in Canberra, Australia. They erected a beach umbrella on the grass and called it an 'embassy'.Plus, the murder of five lawyers in Madrid in 1977, which became a turning point in Spain's return to democracy; the invention of the microwave oven; Roald Dahl's Charlie and the Chocolate Factory; and 75 years of the BBC's longest-running programme, Desert Island Discs.

28 Jan 201750min

Roots - The TV Series

Roots - The TV Series

The epic mini-series about slavery in the US hit TV screens in January 1977. We hear from actor Leslie Uggams, who played the character Kizzy, recalling how "Roots" revolutionised perceptions about African-American history. Plus: when peace deal ended El Salvador's brutal civil war, the murder of prominent Turkish Armenian journalist, Hrant Dink, life in the world's largest refugee camp, and how Dungeons and Dragons came about.(Photo: Actors LeVar Burton, Todd Bridges and Robert Reed in Roots. Credit: Alamy)

21 Jan 201750min

Princess Diana's Minefield Walk

Princess Diana's Minefield Walk

In 1997, the Princess of Wales made a high-profile visit to a landmine clearance programme in Angola. Her trip is credited with boosting the campaign for a global landmine treaty signed later that year. Also, the man who rewrote the rules on transitions of power in the USA, the first woman to wear a headscarf into the Turkish parliament and the triumph of British espionage that changed the course of World War One.PHOTO: Princess Diana in Angola in 1997 (Credit: Alamy)

14 Jan 201750min

American Communists

American Communists

The early American Communists, a North Vietnamese tunneler who helped outsmart the Americans and win the war in Vietnam, plus the pyramid scheme failure in Albania which left gun-toting children on the streets. Also how five American missionaries paid the ultimate price after seeking out a remote tribe in Ecuador but left a lasting legacy, and the petition signed in Czechoslovakia which helped bring about the end of communism.Photograph: Ella and Bert Wolfe (courtesy of the Hoover Institution Archives

7 Jan 201750min

The Break-Up of the Soviet Union

The Break-Up of the Soviet Union

December 1991 saw the end of 70 years of communist rule and the collapse of the Soviet Union. We hear from two of the key signatories of the dissolution treaty, a witness to the ensuing crisis in one of the newly independent states, and from an American nuclear expert who helped clean-up the former USSR. Also, the performance artist protesting about the growing divide between rich and poor, and the first editor of Vogue magazine in Russia. Photo: The leaders of Ukraine and Belorussia, alongside Russian leader Boris Yeltsin, at the ceremony formally dissolving the USSR in December 1991, Credit: AP

31 Des 201650min

Death of an Anarchist

Death of an Anarchist

The controversial death in police custody of Italian anarchist, Giuseppe Pinelli, the Irish playwright and novelist Samuel Beckett how Greece and Turkey almost came to war over a tiny rocky island in the Aegean sea, also the experimental film-maker Derek Jarman and how on Christmas day in 1968 Apollo 8 became the first spacecraft to leave the Earth's orbit and travel to the moon.Photo:Giuseppe 'Pino' Pinelli, with his wife Licia and his daughters Silvia and Claudia. Credit: The Pinelli Family.

24 Des 201650min

Yoyes, ETA's female icon

Yoyes, ETA's female icon

The life and untimely death of a Basque separatist fighter, resisting the Nazis in Lithuania, a medical breakthrough that prevented babies from dying in their cots, the grand old lady of Brazilian TV soaps, and the Hindu milk miracle.Photograph: Maria Dolores Gonzalez Katarain, known as Yoyes, who was the first woman to join the leadership of the separatist group, ETA

16 Des 201650min

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