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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Psychological Warfare

Psychological Warfare

Spooking fighters during the Vietnam War, building the Mont Blanc Tunnel, designing a Nintendo legend, the murder of Gianni Versace and archive voices from the 'Bonus Army' a protest movement of WW1 veterans which shook the US government in 1932.Photo:Viet Cong guerrillas on patrol during the Vietnam War, 2nd March 1966: (Photo by Keystone/Getty Images)

22 Juli 201750min

The Oka Crisis

The Oka Crisis

A watershed moment for Canada's indigenous people as Mohawks take on the developers, the birth of UKIP in Britain, memories of the poet Irina Ratushinskaya who died earlier this month - plus dance music with ballet star Nureyev's defection and illegal raving in England's countryside.(PHOTO: A Mohawk activist confronts a soldier. Credit: IATV NEWS)

15 Juli 201750min

The Roswell Incident

The Roswell Incident

In July 1947 a US rancher found some debris in the New Mexico desert - did it come from an alien spacecraft? Witness hears from the son of one of the US servicemen who investigated the incident, and from Dr David Clarke, expert on UFO history at Sheffield Hallam University.Plus the first Tamil suicide bombing; a hoard of Anglo-Saxon treasure discovered in an English field; a sex scandal in the USSR during perestroika; and the first non-stop journey around the world in a hot air balloon.PHOTO: Major Jesse Marcel at Fort Worth, Texas with balloon debris from the Roswell incident - copyright Alamy

8 Juli 201750min

The History of Modern Tourism

The History of Modern Tourism

In a tourism special we look at the original low-cost transatlantic airline, based in Iceland, the 1960s Hippie trail. Also the journey that led to the best selling Lonely Planet travel guides, political tensions caused by a luxury resort on the Red Sea and how Disney came to Europe.(Photo: An Icelandic Airlines advertisement from May 1973, in New York's Fifth Avenue (US National Archives)

2 Juli 201750min

Italy's Secret "State-within-a-State"

Italy's Secret "State-within-a-State"

Murder and conspiracy among Italy's elite, an Italian atrocity in 1930s Ethiopia, Christians in the Korean War, Japan hosts the first Body Worlds, and Asian Americans struggle against racism and violence in the 1980s. Photo: Robert Calvi, head of Banco Ambrosiano, who was convicted of fraud but released on appeal shortly before his murder (Credit: AFP/Getty Images)

24 Juni 201750min

The Woman Who Stopped Equal Rights in America

The Woman Who Stopped Equal Rights in America

Phlyllis Schalfly, the woman who defeated a law to guarantee gender equality in the US; plus, the first performance of the Beatles hit "All You Need Is Love", a forgotten WW2 disaster, Berber rights in Algeria, and the volcanic eruption on the island of Montserrat.PHOTO: American political activist Phyllis Schlafly smiles from behind a pair of podium mounted microphones, 1982. (Photo by Hulton Archive/Getty Images)

17 Juni 201750min

The Six Day War 1967

The Six Day War 1967

Soldiers from both sides on the battle for Jerusalem; plus Robert Kennedy's assassination, the child who fought slavery in Pakistan, and the cousin of Anne Frank Photo:Israeli forces advancing in the Sinai desert during the Six-Day War, June 1967. (Photo by Central Press/Hulton Archive/Getty Images)

10 Juni 201750min

Operation Lifeline: Canada's Refugee Revolution

Operation Lifeline: Canada's Refugee Revolution

How private citizens in Canada sponsored Vietnamese boat-people. Plus the first ever charity rock concert for Chernobyl, the actor who stared in a Hitchcock murder movie, America's first ever female rabbi and Mr Sanitation brings clean toilets in India. Photo: A Vietnamese boat crowded with refugees runs aground on the Malaysian coast. 1979 (BBC)

3 Juni 201750min

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