[cmrdporcupine]

That's more the mid-late 70s.

If you follow the long-wave (Kondratiev wave) theory of economics, the 70s was the beginning of the real "drop" while the 60s were still (relatively) boom times.

At the beginning of the downturn, there were large strike waves and dissent ... which were then, yes, broken, leading to the collapse of the socialist left wing in western countries (those parties calling themselves [or being called] socialist or social democratic now generally aren't and haven't been for a long while), and a brutal weakening of the organized labour movement.