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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The 'Disappeared' of Lebanon

The 'Disappeared' of Lebanon

The women searching for their loved-ones who went missing during the Lebanese civil war, plus the man who first discovered diamonds in Botswana, a pioneer of the Indian restaurant business in the UK, an exploding whale, and naked dancing in post-war London.Photo: West Beirut under shellfire in 1982.(Credit:Domnique Faget/AFP/Getty Images)

18 Nov 201750min

The Russian Revolution: The Bolsheviks Take Control

The Russian Revolution: The Bolsheviks Take Control

Eye-witness accounts from the Russian Revolution of October 1917; the first dog in space; Sabah, one of the biggest 20th-century stars of the Middle East; the last journalist to interview Osama Bin Laden; and horror and heartbreak: memories of the First World War.Picture: Bolshevik leader Vladimir Lenin addressing crowds in the capital Petrograd during the Russian Revolution of 1917. (Credit: Hulton Archive/Getty Images)

11 Nov 201749min

Martin Luther's 95 Theses

Martin Luther's 95 Theses

The German monk who began a religious uprising; the book that made us think of humans as animals; how the murder of a Brazilian journalist by the secret police became a symbol of Brazil's military brutality; plus the Lebanese architectural dream that was overtaken by war and the fight that ended sex censorship online.Photo: A portrait of Martin Luther by Lucas Cranach the Elder on display at the German Historical Museum in Berlin, Germany (Sean Gallup/Getty Images)

4 Nov 201750min

The Fake IDs That Saved Jewish Lives

The Fake IDs That Saved Jewish Lives

How tens of thousands of Hungarian Jews escaped the Nazis by using false papers; what happened when abortion became illegal overnight in 1960s Romania; the murder of campaigning Nigerian journalist Dele Giwa; the creation of British satire magazine Private Eye; and the love affair between writers Jean-Paul Sartre and Simone de Beauvoir.Photo: False Hungarian ID document (BBC)

29 Okt 201750min

The 43 Group: Battling British Fascists

The 43 Group: Battling British Fascists

How Jewish veterans fought fascism in post war Britain; plus investigating the death of Mozambique's president Samora Machel, we hear from a survivor of the Moscow theatre siege, inside the Cuba Missile Crisis and the mystery of Booker prize winner JG Farrell. Photo:British Fascist Sir Oswald Mosley speaking at a rally, Hertford Road, Dalston, London, May 1st 1948. (Getty Images)

21 Okt 201754min

The Death of Che Guevara

The Death of Che Guevara

In October 1967 the Marxist revolutionary Che Guevara was captured and killed in Bolivia - we hear from the CIA operative who was one of the last people to speak to him. Plus, the plan to rescue Italy's art from the Nazis; remembering a hero of Catalan nationalism; the policeman and friend who testified against OJ Simpson, and Madonna - the early years. (Photo: Felix Rodriguez (left) with the captured Che Guevara, shortly before his execution on 9 October 1967. Courtesy of Felix Rodriguez)

14 Okt 201751min

The Hate Crime That Changed American Law

The Hate Crime That Changed American Law

Why the brutal killing of a young gay man in Wyoming prompted change, how white people came to terms with their past after segregation in deep south America, living alongside Israeli soldiers in Gaza, plus modern treasures uncovered in Iran and rediscovered Tudor treasures raised from the English seabed.(Photo: Matthew Shepard with his parents, Judy and Dennis, on holiday at Yellowstone National Park. Courtesy of the Matthew Shepard Foundation)

7 Okt 201750min

Walking the Great Wall of China

Walking the Great Wall of China

Walking the Great Wall of China; the death of Pope John Paul 1 after just a month in the job; turning against a colonial power - how Guinea gained independence from France; the life and times of anti-apartheid activist Steve Biko, and the British Land Girls of World War Two.(Picture: Yaohui Dong, Wu Deyu and Zhang Yuanhua on the Great Wall of China. Courtesy of Yaohui Dong)

29 Sep 201750min

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