Dealing with economic crisis

The History Hour

BBC

History, Society & Culture, Personal Journals

4.4 • 879 Ratings

🗓️ 27 June 2020

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

As the world begins to consider how to emerge from the Coronavirus pandemic, we look back at economic crises of the past and how countries have responded to them. Max Pearson hears about America's "New Deal" in the 1930s, South Korea's transformation in the 1950s and Chile's "miracle economy" of the 1970s. Plus, Tanzania and its African form of socialism, and economic shock therapy in Russia in the 1990s.

PHOTO: President Franklin D Roosevelt in 1935 (Getty Images).

Transcript

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0:00.0	Hello and welcome to the History Hour Podcast from the BBC World Service with me
0:08.6	Max Pearson the past brought to life by those who were there.
0:12.0	Where this week as we all ponder a post-Covid world
0:15.3	what does the past teach us about dramatic social and economic change? For example, how did South
0:20.8	Korea reinvent itself after war in the 1950s?
0:24.0	I feel like I'm a country bumpkin because it's so much changes.
0:29.0	It's a change.
0:31.0	Also free market shock therapy in Chile and Russia in the 1970s and 90s
0:36.0	respectively and with varying degrees of success. This was the unique
0:41.6	opportunity to implement our most ambitious vision.
0:45.0	No one before us had transformed a communist economy of this scale into a functioning market.
0:50.0	And how Tanzania launched a very African form of socialism in the 1960s.
0:55.0	It was a great time of idealism and excitement when people were looking for another way of looking at how to organize society.
1:05.0	That's all coming up later in the podcast,
1:06.8	and we're going to start in the 1930s
1:09.4	when President Franklin D Roosevelt
1:11.9	said about trying to drag America out of the Great Depression
1:15.0	with one of the biggest public spending projects the world has ever seen.
1:19.0	Using the BBC Archives Lucy Burns tells the story of the New Deal.
1:23.0	It's spring 1933 and America is in the grip of the Great Depression,
1:31.0	but a new president has just been elected and Franklin D Roosevelt and his campaign song are promising better things.
1:37.0	Happy days are here again. The skies above our clear again.
	...

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