Some technological innovation does occur, but capital investment is grossly inadequate. During this period of up to fourteen years, the economy not only 'recovers', but culminates in a bout of speculative frenzy that far surpasses the earlier boom. The coming of the railways leads to runaway land speculation. Commodity speculation also occurs. Government debt increases.
Protectionist sentiment is to the fore.
There is social experimentation and search for self-fulfilment. Financial pirates abound. The 1980s 'Decade of Greed' follows the 1970s recovery. Land values escalate, accompanied by growing money supply and inflation - and unprecedented levels of debt. There is enormous growth in electronics, especially in computer technology.