1974 Inflation continues to spiral out of control around the world reaching 11.3% in the USA and 17.2% in the UK and the global recession deepens. The famous skeleton "Lucy" is discovered in Ethiopia which lived between 3.9 to 3 million years ago. More and more smaller digital based consumer products appear in the shops and the earliest forms of Word Processors appear which resemble a typewriter more than a computer. After the findings of the Watergate Scandal Richard Nixon becomes the first US president forced to resign from office.

Cost of Living 1974

How Much things cost in 1974
Yearly Inflation Rate USA 11.3%
Yearly Inflation Rate UK 17.2%
Year End Close Dow Jones Industrial Average 616
Average Cost of new house $34,900.00
Below are some Prices for UK guides in Pounds Sterling
Average House Price 10,990
Gallon of Petrol 0.42
A few More Examples
Cost of a gallon of Gas 55 cents
Average cost new car$3,750.00
Samsonite Case $62.00
Average Income per year $13,900.00
Average Monthly Rent $185.00

What Events Happened in 1974

  • IRA begins bombing campaign on mainland Britainand bombs The Tower of London on July 17th and the Houses of parliament and pubs in Birmingham
  • Following impeachment hearings started on May 9th Richard Nixonbecomes the first US president forced to resign after the Watergate Scandal on August 9th
More Information and Timeline for Nixon's Resignation
United States President Richard Nixon resigns from office on the 9th of August, 1974. He had previously announced his intention to resign the previous day during a televised address to the nation. Nixon had been facing near certain impeachment and conviction by the US Congress after his involvement in the Watergate Scandal.

The Watergate Scandal began in 1972 at the beginning of Nixon's second term as US president and it was related to his involvement in illegal activities within his administration. This included the break-in at the Democratic party headquarters by Nixon associates to sabotage political opponents.

There were also taped conversations that Nixon refused to release to investigators that were thought to reveal his knowledge of the corruption and wrongdoing within his administration. Nixon resigned in order to avoid the disgrace of a trial and subsequent removal from office. His vice president, Gerald Ford, took office after him and soon gave Nixon a full pardon for his wrongdoing.

Zaire (Democratic Republic of the Congo)
  • On October 30th, 1974 the much hyped boxing match between George Foreman and Muhammad Ali for Ali to regain his heavyweight title takes place in Kinshasa, Zaire (Democratic Republic of the Congo).
More Information and Timeline for the Rumble in the Jungle
1. Muhammad Ali, a legendary boxer considered to be the greatest of all time by many, was stripped of his heavyweight title for refusing the Vietnam war draft in 1967. He was also banned from boxing for several years.
2. Muhammad Ali and the current heavyweight champion at the time, George Foreman, agreed to fight for the title in 1974.
3. The former champion would face off against Foreman, a twenty-five year old undefeated champion for a five million dollar purse in a boxing match to be held in Kinshasa, Zaire. Promoter Don King labeled the fight the “Rumble in the Jungle.”
5. Ali’s strategy was to let Foreman hit him until he was too tired and then Ali would come at him with a series of quick punches until he won by a knockout, a technique labeled by Ali’s trainer as the “Rope-a-Dope.”
6. Ali defeated Foreman by knockout in the eighth round of the boxing match, becoming only the second former heavyweight champion to regain his title.

  • President Gerald Ford gives unconditional pardon to Richard Nixon
  • A major US Bank Franklin National Bank is declared insolvent
  • 55 MPH Speed Limit imposed to preserve gas usage US wide
  • The Brisbane river floods large areas of the Brisbane business district and more than 8,500 homes were flooded in Brisbane and Ipswich.
  • Worldwide Inflationhelps to cause dramatic increases in the cost of fuel, food and manufacturing
  • Sears Tower in Chicago becomes the worlds tallest building
  • President Ford announces an amnesty program for Vietnam War deserters and draft evaders
  • The Kootenai Native American Tribe in Idaho declares war on the United States
More Information and Timeline for the Kootenai War
On September 20th the sixty-seven members of the Native American Kootenai tribe, headed by Amy Trice, declares war on the United States government as a final effort to gain attention to the tribe's loss of land and subsequent troubles.

The war was peaceful and mainly involved charging tolls to pass through tribal lands near Bonners Ferry, Idaho along US Highway 95. They also distributed information to those passing through detailing the problems of the tribe.

The war gained a lot of publicity for the Kootenai tribe and the US government gave the Kootenai 12.5 acres of land to end the war.

United States
  • Stephen King publishes his debut novel.
More Information for King's Novel "Carrie"
Stephen King, a 26-year-old author, published his debut novel “Carrie,” during April of 1974. “Carrie” was actually the fourth novel that King had written but the first to be published, helping to launch his prolific career. The story focused on a bullied and sheltered teenage girl who discovers that she has telekinetic powers, ultimately using her powers to seek revenge. The novel is credited with revitalizing the horror genre during the decade and it became massively popular. It was also adapted for a 1976 feature film that was nominated for several Academy Awards.

Soviet Union
  • The Soviet Union launches the Salyut-4 space station.
More Information and Timeline for Salyut-4.
The Soviet Union launches the Salyut-4 space station on December 26th 1974. The space station carried an x-ray telescope that began operation in January of 1975 after Salyut-4 went into orbit. During its time in orbit two Soviet crews successfully docked at Salyut-4 for long-term missions from January to February and May to July of 1975. There was also an unmanned mission that docked at Salyut-4 from November of 1975 to February of 1976. The space station was eventually taken out of orbit and it re-entered the Earth’s atmosphere on February 2, 1977.

  • The Global Recession Deepens
  • Gasoline shortages and price increases throughout the world help to cause problems in most of the western worlds economies
  • Governments and people around the world spend more time debating the use of Nuclear Energy to combat problems with Oil Prices and Supply
  • Estimate of The Worlds Populationreaches 4 billion
  • Smallpox Epidemic in India causes the deaths of between 10,000 and 20,000 people
  • Henry Kissenger convinces Syria and Israel agree to a ceasefire on the Golan Heights on June 5th
  • Turkey Invades Northern Cyprus
  • Patricia Hearst Kidnappers Demand $70 of food be given to every needy Californian
  • In response to the energy crisis, daylight saving timecommences nearly four months early in the United States..
  • Charles de Gaulle Airportopens in Paris, France.
  • The largest series of tornadoesin history, hits 13 U.S. states and one Canadian province. By the time the last of 148 tornadoeshit early the following morning, 315 died and over 5,000 were injured.
  • British Coal Miners join many other unions striking for higher wages
  • India successfully detonates its first nuclear weapon on May 18th becoming the sixth nation to do so.
  • Cyclone Tracy strikes on 25th December almost completely destroys Darwin, Australia
  • Famine caused by drought threatens millions in Africa
  • The French President Georges Pompidou dies while in Office
Northern Ireland
  • Following a crippling strike, Northern Ireland's first power-sharing assembly collapses
  • Work begins on the 800 mile long Alaska Oil pipeline
  • Bloodless Military coup led by General Antoniio de Spinola, in Portugal
  • President Isabela Peron ( Evita ), Juan Peron's third wife, becomes President of Argentina when her husband died.
  • West Germany Wins 1974 World Cup in West Germany
  • Soviet authorities expel Alexander Solzhenitsyn revoking his Russian citizenship


  • MRI Scanner( Magnetic Resonance Imaging } developed USA
  • Ethiopia
    • Lucy an almost complete hominid skeleton over 3 million years old is discovered in Africa.
    More Information and Timeline for Lucy Discovery
    Paleontologist Donald Johanson discovers a 3.2 million year old hominid skeleton in Ethiopia on November 24, 1974. The skeleton was about forty percent complete and was identified as the early human ancestor species Australopithecus afarensis. The scientists named the skeleton “Lucy.” At the time of the discovery Lucy was the oldest known example of a human ancestor to have been found. Based off of the skeletal evidence, Lucy was likely a female, walked upright, was about three and a half feet tall, and had ape-like facial features. It was a huge scientific discovery at that time.

  • After 84 days in space, the last crew of the temporary American space station Skylab return to Earth
  • Pocket calculators start to appear in shops
  • Offices start using a very primitive word processor that resembles a typewriter
  • Lucy an almost complete hominid skeleton over 3 million years old is discovered in Africa
  • The first use of UPC or Universal product Code BAR CODE UPC scanner installed in Marshes Supermarket in Troy Ohio ( check 1952 for first bar code use not UPC ) or the standard used today

Invention Invented by Inventors and Country ( or attributed to First Use )

1974 Mens and Womens Fashion Clothes

Part of our Collection of Clothing From The1970's Clothing Fashions and Styles
Fashion Clothing From 1974

1974 Childrens Toys

Part of our toy collection From The Kids Toys From The 1970's

Kids Toys From 74

Popular Culture 1974

  • Actor Jon Pertwee makes his final regular appearance as the Third Doctor in Doctor Who and Tom Baker becomes the fifth doctor Who

Popular Films

  • The Sting
  • The Exorcist
  • Papillon
  • Herbie Rides Again
  • Blazing Saddles
  • The Great Gatsby
  • Serpico
  • Death Wish
  • The Godfather, Part II
  • Murder on the Orient Express

Popular Musicians and songs

  • ABBA
  • Beach Boys
  • David Bowie
  • Carpenters
  • Eric Clapton with " I Shot The Sheriff "
  • Alice Cooper
  • Deep Purple
  • Donovan
  • Ella Fitzgerald
  • Genesis
  • Grateful Dead
  • Joni Mitchell
  • Van Morrison
  • Dolly Parton
  • Queen
  • Minnie Riperton
  • Roxy Music
  • Sparks
  • Supertramp
  • Jethro Tull
  • The Velvet Underground
  • Barry White
  • Paul McCartney with " Band on the Run "
  • Stevie Wonder

Popular TV Programmes

  • Kung Fu
  • The Price Is Right
  • The Waltons
  • Kojak
  • Last of the Summer Wine
  • The Six Million Dollar Man

Born This Year 1974

Leonardo DiCaprio November 11th
Alanis Morissette June 1st
Jimmy Fallon September 19th
Victoria Beckham April 17th

1974 Calendar

Major World Political Leaders 1974

Australian Prime Minister Gough Whitlam Brazilian President Emilio Medici Till 15 March
Brazilian President Ernesto Geisel From 15 March

Canadian Prime Minister Pierre Trudeau

Chinese Chairman of the People's Republic of China Dong Biwu

French President Georges Pompidou Till 3 April
French President Valéry Giscard d'Estaing From 27 May

German Chancellor Willy Brandt Till 7 May
German Chancellor Walter Scheel From 7 May
German Chancellor Walter Scheel Till 16 May
German Chancellor Helmut Schmidt From 16 May
Indian Prime Minister Indira Gandhi

Italian Prime Minister Mariano Rumor Till 23 November
Italian Prime Minister Aldo Moro From 23 November
Japanese Prime Minister Kakuei Tanaka Till 9 December
Japanese Prime Minister Takeo Miki From 9 December

Mexican President Luis Echeverría Russian / Soviet Union
First Secretary of the CPSU Leonid Brezhnev South African Prime Minister Balthazar Johannes Vorster United States President Richard Nixon Till August 9,
United States PresidentGerald Ford From August 9,
United Kingdom Prime Minister Edward Heath Till 4 March
United Kingdom Prime Minister Harold Wilson From 4 March

Political Elections This Year

British General Election 2nd in 74 due to hung parliament 1974 Harold Wilson ( Labour ) defeats Edward Heath ( Conservative ) and Jeremy Thorpe ( Liberal )