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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Brown v The Board of Education

Brown v The Board of Education

The 1954 US Supreme Court ruling that led to the end of racial segregation in US schools, the Iranian woman protestor whose death on film shocked the world; the start of the worldwide dieting franchise, Weight Watchers and who was Alexander Hamilton?(Photo African American student Linda Brown, Cheryl Brown Henderson's eldest sister (front, C) sitting in her segregated classroom.Credit: GettyArchive)

20 Maj 201751min

The Trial of Maurice Papon

The Trial of Maurice Papon

The French minister tried for colluding with the Nazis, the USSR's version of James Bond, the beginning of China's economic boom, plus the first time Americans were told they were too fat - but that their wine was better than France's. PHOTO: Maurice Papon in October 1997, shortly after his trial for war crimes opened. (Credit: Francois Guillot/AFP/Getty Images)

13 Maj 201750min

The Invention of Liposuction

The Invention of Liposuction

In the 1970s, Italian cosmetic surgeons Arpad and Giorgio Fischer developed the modern technique of liposuction, which involves sucking out fat from under the skin. The global cosmetic surgery industry is now booming and liposuction is one of the most popular procedures. Also in the programme, the little-known civil war in Tajikistan after the breakup of the Soviet Union, how French troops mutinied toward the end of World War One and the start of the legendary Magnum photo agency.Photo: A doctor performs a liposuction at a hospital in Shanghai, China (Credit: AFP /LIU Jin)

6 Maj 201751min

Searching For Argentina's Disappeared

Searching For Argentina's Disappeared

In April 1977 a group of women in Argentina held the first ever public demonstration to demand the release of thousands of opponents of the military regime. It was the start of a long campaign by the women, who became known as the Mothers of the Plaza de Mayo. Also on the programme: the controversy surrounding Syria's presence in Lebanon, plus the pioneer of psychotherapy RD Laing, Bulgaria's attempts to crush Turkish language and culture, and we hear the shocking testimony of a survivor of Bosnia's notorious rape camps.(Photo: Mirta Baravalle of the Mothers of the Plaza de Mayo, with a black-and-white photograph of her daughter, Ana Maria)

29 Apr 201750min

Charlie Chaplin Returns to America from Exile

Charlie Chaplin Returns to America from Exile

Charlie Chaplin's son on his father's political views and his rocky relationship with his one-time adopted home, America. Plus the Hubble telescope produces the first clear pictures of the furthest galaxies; shaking off colonialism with the world's first festival for black artists; Japan launches a new way of learning the violin and tragedy in Latin America when American missionaries flying over Peru were mistaken for drug-runners.(Photo: Charlie Chaplin as the Tramp in the 1925 film, The Gold Rush. Credit: Getty Images)

22 Apr 201749min

The Takeover of Russia's NTV

The Takeover of Russia's NTV

NTV was Russia's only nationwide independent TV station until it was taken over in April 2001. We hear from the head of the station at the time. Plus, Ethiopia's Red Terror; the Katyn massacre during WW2; a breakthrough for disability rights in the US with the 504 sit-in; and Sikh bus drivers in the UK win the right to wear turbans to work.Photo: Life size puppets of Russian political leaders including President Putin, on the set of NTV's popular satirical television show "Puppets"; June 29, 2000. Credit: Oleg Nikishin/Newsmakers/Getty

15 Apr 201750min

How Princess Diana changed the perception of AIDS

How Princess Diana changed the perception of AIDS

The royal handshake that changed attitudes to AIDS, America enters WW1, plus Egypt's Facebook girl, Nagorno Karabakh and remembering Jane Fonda's workout (Photo: Princess Diana with an AIDS patient at the Middlesex Hospital April 1987. Credit REX/Shutterstock)

10 Apr 201750min

The Flavr Savr Tomato - The World's First Genetically Engineered Food

The Flavr Savr Tomato - The World's First Genetically Engineered Food

In 1994 the world's first genetically-engineered food went on sale in the US. It was a tomato, called the 'Flavr Savr' which stayed fresh for up to 30 days. Plus, a mysterious anthrax outbreak in the Soviet Union; the murder of a Catholic archbishop in El Salvador; and the Teletubbies turn 20.Photo: Roger Salquist, former Chairman and CEO of Calgene (courtesy of Roger Salquist)

1 Apr 201750min

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