1988 The Hubble Space Telescope Goes into operation to explore deep space and is still in full use today mapping our universe. A bomb is exploded on Pan Am Flight 103 over Lockerbie in Scotland on December 21st . Also Prozac is sold for the first time as an anti-depressant some of the great movies that year included Rain Man, Die Hard and A Fish Called Wanda

Cost of Living 1988

How Much things cost in 1988
Yearly Inflation Rate USA4.08%
Year End Close Dow Jones Industrial Average 2168
Interest Rates Year End Federal Reserve 10.50%
Average Cost of new house $91,600
Median Price Of and Existing Home $90,600
Average Income per year $24,450.00
Average Monthly Rent $420.00
Average Price for new car $10,400.00
1 gallon of gas 91 cents
Below are some Prices for UK guides in Pounds Sterling
FTSE 100 Average 1750
Average House Price 61,020
Gallon of Petrol 1.67
Yearly Inflation Rate UK 4.9%
Interest Rates Year End Bank of England 12.88%
More Example Prices
Movie Ticket $3.50
US Postage Stamp 24 cents
Dozen Eggs 65 cents
Gallon 2% Milk $1.89
Pork Chops Lb 40 cents
Lotus 123 Spreadsheet S/W $299.00
Star NSX Dot Matrix Printer $189.00
Logitech Mouse $89.99
Amiga Computer With Color Monitor $849.00

IBM PC with 30Mb Hard Disk, Mono Monitor and 512K Memory $1249.00

Ford Taurus $9,996
Volkswagen Rabbit $7,104

What Events Happened in 1988

  • After 8 years and 1.5 million dead the Iran -- Iraq war ends
  • Iraq carries out Poison Gas Attack On Kurds
  • Earthquake in Armenia Kills 60,000
  • Suspected Libyan terrorist bomb explodes on Pan Am jet over Lockerbie in Scotland on December 21st killing all 259 on board and 11 on the ground
  • Australia celebrates its bicentennial.
  • A new drug Crack appears ( A derivative of Cocaine ) and is increasingly found in US Cities
  • UK SAS kill suspected IRA bombers in Gibraltar
  • The English Pound Note ceases to be legal Tender
South Korea
  • Ben Johnson wins the 100m gold at the Seoul Olympics and is then disqualified for taking the anabolic steroid, Stanozol
United States
  • North, Poindexter, Secord, and Hakim indicted for their involvement in Iran-Contra affair.
More Information and Timeline for the Iran-Contra Affair.
During March 1988 Oliver North, John Poindexter, Richard Secord, and Albert Hakim are indicted by a Grand Jury on charges of conspiracy to defraud the United States government for their involvement in the Iran-Contra Affair. The Iran-Contra Affair was a scandal that involved the illegal sales of arms to Iran in exchange for U.S. hostages being held in Lebanon by Iranian terrorists. The money from the Iranian arms sales was then used to illegally fund and aid the Contras, a Nicaraguan rebel group by CIA operatives. The illegal activities were exposed and several top Reagan administration officials were implicated in the scandal. Secord and Hakim decided to plead guilty and received probation, while Poindexter and North were convicted and sentenced but eventually had their convictions overturned during the appeals process.

  • Salmonella is found in Eggs in Britain causing problems for British Farmers
  • Laws restricting opening times for UK Pubs are changed allowing Pubs to stay open all day
  • 34 people die in the Clapham Rail Crash
  • Widespread strikes in Poland by Solidarity Supporters
  • Archaeologists uncover the original Globe Theatre in London
  • Soviet Red Army withdraws from Afghanistan.
More Information for the USSR withdraws from Afghanistan.
The Soviet Union agreed to withdraw their troops from Afghanistan after signing the Geneva Accords in April of 1988. The 1988 Accords were officially known as the “Agreements on the Settlement of the Situation Relating to Afghanistan.” These agreements were the result of talks between Afghanistan, Pakistan, the USSR, and the United States, which ended on April 8, 1988. The accords were signed by all four countries on April 14 and led to the withdrawal of Soviet troops from Afghanistan and the settlement of conflict between Afghanistan and Pakistan. The USSR became involved in the conflict in 1979 and their troops did not leave until February of 1989.

  • Benazir Bhutto is elected to be Prime Minister of Pakistan
  • A Soviet Union School Bus is Hijacked
  • Panama leader General Manual Antonio Noriega, is charged with drug smuggling and money laundering
  • Yasser Arafat is invited to adress the U.N. General Assembly
  • Piper Alpha drilling platform in the North Sea is destroyed by explosions and fires killing 165 oil workers and 2 rescue mariners.
South Korea
  • The Summer Olympics are held in Seoul, South Korea
  • Students and Buddhist monks protest against military rule in Burma leading to multiple arrests and murder by the Military government.
  • The USS Vincennes shoots down Iranian passenger jet Flight 655
  • Over 1/3 of Yellowstone National Park is destroyed when a a series of more than 250 small different fires combined with the 1988 Drought destroys 793,880 acres of the park.
United States
  • US Space Shuttle program resumes 2 1/2 years after Challenger disaster.
More Information for the US Space Shuttle Program.
NASA resumed the Space Shuttle program during September of 1988, with the launch of the Space Shuttle Discovery on the STS-26 mission. The program had been halted after the Space Shuttle Challenger disaster for about two and a half years. The STS-26 mission became known as the “Return to Flight” mission and was an important factor in whether or not and to what capacity the Space Shuttle program would resume if successful. Besides the initial purpose of returning to flight, the STS-26 mission also had the purpose of launching a NASA satellite, which it did as planned. The flight was also the first Space Shuttle mission to have a veteran crew with all members having previously participated in at least one other mission. STS-26 lasted about four days and traveled in space for about 1.7 million miles before returning to Earth.

  • The Soviet Union launches the Soyuz TM-5 mission to take cosmonauts to the Mir space station for the fifth time.
More Information and Timeline for Soyuz TM-5.
The USSR launches the Soyuz TM-5 spacecraft on June 7th of 1988. The mission carried three crew members to the Mir Space Station. This was the fifth mission to bring Soviet cosmonauts to the Mir Space Station. The crew on board the flight were Anatoly Solovyov, Aleksandr Aleksandrov, and Viktor Savinykh. The crew left the space station after one week had passed and used a different spacecraft, the Soyuz TM-4, to return to Earth. The Soyuz TM-5 was left at the space station for the two remaining cosmonauts who had been on a long-term mission to use to get home. They returned to Earth aboard the Soyuz TM-5 during September of 1988.

  • Prince Charles escapes avalanche in Switzerland
  • The Winter Olympic Games are held in Calgary, Alberta, Canada
  • Hurricane Gilbert devastated Jamaica, it turns towards Mexico's Yucatan Peninsula two days later


  • First transatlantic fibre optic cable laid able to carry 40,000 telephone calls simultaneously
  • Stephen Hawking Publishes " A Brief History Of Time "
  • The first major computer virus infects computers connected to the Internet.
  • The Hubble Space Telescope is put into operation
  • The US Stealth Bomber is unveiled
  • Using Carbon Dating it is established that the Turin Shroud Can Not Be the Burial Cloth of Christ
  • The Antidepressant Prozac introduced which quickly became the market leader for treating depression

Inventions Invented by Inventors and Country ( or attributed to First Use )
Laser Eye Surgery USA

1988 Mens and Womens Fashion Clothes

Part of our Collection of Clothing From The1980's
Fashion Clothing From 1988

1988 Childrens Toys

Part of our toy collection From The1980's

Kids Toys From 88

Popular Culture 1988

Popular Films

  • Rain Man
  • Who Framed Roger Rabbit
  • Big
  • Twins
  • Crocodile Dundee II
  • Die Hard
  • The Naked Gun: From the Files of Police Squad!
  • Beetlejuice
  • Dangerous Liaisons
  • A Fish Called Wanda
  • Friday the 13th Part VII: The New Blood

Popular Musicians

  • Enya
  • Robert Palmer
  • Erasure
  • Kylie Minogue
  • U2
  • The Beach Boys
  • Bros
  • Michael Jackson with " Dirty Diana "
  • Gloria Estefan
  • Chicago with " Look Away "
  • George Michael with " father Figure "
  • Guns N' Roses
  • George Harrison

1988 Calendar

Major World Political Leaders 1988

Australia Prime Minister Bob Hawke Brazil President José Sarney Canada Prime Minister Brian Mulroney

China Chairman of the People's Republic of China Yang Shangkun

France President François Mitterrand

Germany Chancellor Helmut Kohl
India Prime Minister Rajiv Gandhi

Italy Prime Minister Giovanni Goria Till 13 April
Italy Prime Minister Ciriaco de Mita From 13 April

Japan Prime Minister Noboru Takeshita Mexico President Miguel de la Madrid Till 30 November
Mexico President Carlos Salinas de Gortari From 30 November
Russia / Soviet Union
General Secretary of the CPSU Mikhail Gorbachev South Africa State President Pieter Willem Botha United States President Ronald Reagan United Kingdom Prime Minister Margaret Thatcher

Political Elections 1988

United States Presidential Election 1988 George H. W. Bush (Republican) Defeats Michael Dukakis (Democratic)

Canadian Federal Election 1988 Brian Mulroney ( Progressive Conservatives ) defeats John Turner ( Liberal ) and Ed Broadbent ( New Democrat )