From what I've been told, a lot of cocaine and cool technological advancements.
Some of the earliest, and most famous video games came from the late 70s and early 80s. You might have heard of an indie project known as pong? Hell, most video game designers today, especially the bigger ones, grew up playing games from them.
Historically it was probably one of the colder parts of the Cold War, with a lot of the USSR falling apart towards the end of the 80s into the 90s when they finally tore down the Berlin Wall. All in all, it was a cultural explosion. The Americans had won the space race and our technology was expanding far beyond our control. This probably was when Americans, and most of the "Western" world had become the most dependent on tech in our day to day lives. Plus we had Ronald Reagon as a president. Probably one of my favorites behind Teddy Roosevelt. And Margret Thatcher as the British Prime Minister I believe.
Some of my favorite musicians are from this decade. My favorite album, A Momentary Lapse of Reason, is from the 80s. Some cool shows were as well, although my favorites came before and after the 80s.
I was born in 95 so I only speak from second hand accounts from the people that lived it. Mostly family and friends.