Emphasis on social status. A time of political and ideological change. The first lunar landing. Emphasis on social justice. The ideals and causes from the previous time are absorbed into the established culture.
Rock festivals give way to nightclubs.
Disco and designer drugs. Emphasis on social pleasure. The fall of the Soviet empire, due to lack of funds more than anything else. Emphasis on social prosperity. Iraq sanctions, U.N. actions, Somalia and Slobodan Milosevic.