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)

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Why Portugal decriminalised all drugs

Why Portugal decriminalised all drugs

In the grips of a drug crisis, why Portugal took a radical approach in 2001 and became the first country in the world to decriminalise all drugs. Also searching for those who disappeared during apartheid rule in South Africa, how mistakes with the initial production of the polio vaccine made thousands of children ill in 1995, plus the black women who helped propel NASA's space programme and Joan Littlewood a giant in 20th century British theatre.(Image: Staffers interview a new patient in Lisbon, Portugal (Credit: Horacio Villalobos - Corbis/Corbis via Getty Images)

24 Okt 202051min

CNN and the 24-hour news revolution

CNN and the 24-hour news revolution

In June 1980, US media mogul Ted Turner launched the first TV station dedicated to 24 hour news, Cable News Network or CNN. We get a first-hand account of the early days of a channel that transformed news and politics. Plus, the end of Lebanon's civil war, the long fight for full voting rights for African-Americans and Iraqi dictator Saddam Hussein's plan to become a film mogul.(PHOTO: Ted Turner attends official CNN Launch event at CNN Techwood Drive World Headquarters in Atlanta Georgia, June 01, 1980 (Photo by Rick Diamond/Getty Images)

17 Okt 202051min

British black history special

British black history special

We present five eyewitness accounts of moments in British black history. Including the late Sam King remembering the voyage of the Empire Windrush, plus Britain's first black headteacher Yvonne Conolly, Dr William Lez Henry on confronting the Far Right in the battle of Lewisham, Reggae star David Hinds on fighting the nightclub colour bar in 1970s Birmingham and Trix Worrell on the creation of the pioneering and hugely popular TV comedy Desmond's. Max Pearson is joined by Colin Grant, the writer, broadcaster and author of Homecoming: Voices of the Windrush Generation.Photo: Newly arrived Jamaican immigrants on board the 'Empire Windrush' at Tilbury, 22nd June 1948: (Douglas Miller/Keystone/Getty Images)

10 Okt 202050min

The Mafia and Italian politics

The Mafia and Italian politics

The trial which linked a senior Italian politician to the Mafia, the death of the charismatic Egyptian President - Gamal Abdel Nasser, a whale rescue which brought together cold war enemies, the German house which witnessed a century of change and the birth of Google.Photo: Giulio Andreotti in 1983. Credit: Mondadori Portfolio/Getty Images

3 Okt 202050min

Blackwater killed my son

Blackwater killed my son

An Iraqi father remembers the day in September 2007 when US private security guards opened fire on civilians in central Baghdad killing 17 people, including his 9-year-old son. Plus, former president Ellen Johnson Sirleaf on negotiating the cancellation of Liberia's massive debt; the chaos of Florida's 'hanging chads' in the 2000 US elections; when Nelson Mandela visited Detroit; and the end of the Galileo space project.Photo: An Iraqi looks at a burnt car on the site where Blackwater guards opened fire on civilians in Baghdad on 16 September 2007 (Credit ALI YUSSEF/AFP via Getty Images)

26 Sep 202049min

Stories of resistance and protest from around the world

Stories of resistance and protest from around the world

Max Pearson brings you a roundup of this week’s Witness History stories of resistance from the last 70 years. From the early days of opposition to President Alexander Lukashenko in Belarus, through the Mau Mau uprising in Kenya, a photographer's memories of the 1989 demonstrations in China, an iconic civil rights story from the USA, to Argentina and the women who are still demonstrating in the hope of discovering what became of their children under military rule.Photo: a lone protestor, who became known as Tank Man, in Tiananmen Square in China in June 1989. Credit: Stuart Franklin/Magnum.

19 Sep 202049min

Prohibition in India

Prohibition in India

How Indian women in the 1990s campaigned to stop the sale of alcohol in the state of Andhra Pradesh to protect women from domestic violence and safeguard family finances. The history of America's healthcare system, how the UN was eventually persuaded to apologise for the 2010 cholera outbreak in Haiti and the horror of being caught up in one of the most notorious hi-jackings of the 1970s, plus the birth of Reddit, one the world's most successful websites.Photo A shop selling alcohol in India. Credit Getty.

12 Sep 202049min

Inventing James Bond

Inventing James Bond

How author and former intelligence officer Ian Fleming created the British super-spy, James Bond plus, how the British government shifted social care for the disabled away from large institutions and into the community and the Cape Town bombings in 1990s South Africa. Also how a British Airways jumbo jet flew through a volcanic ash cloud and survived and the birth of the Sony Walkman, a device that changed listening habits forever.Photo: Ian Lancaster Fleming, British author and creator of the James Bond character, in 1958. (Getty Images)

5 Sep 202052min

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