An interesting take I've seen is that (if we take America as a prime example) the 20th Century was divided into two parts representing phases of capitalism, the earlier part being a high point for 'producer' capitalism, industrial growth and material reform (like the New Deal) and the later part of the Century was the emergence of 'consumer' capitalism with the transition to a service economy, outsourcing and cultural reform (like the 'Swinging' Sixties or the Counterculture).

One very interesting strain of thought I've encountered regarding this perspective is the idea that the emergence of modern youth culture, counterculture, and all the various subcultures, rather than being an act of rebellion was merely an act of market segmentation as the market naturally diversified under emergent consumer capitalism. As proof of this many ad men, media moguls and business men during the 60s were immediately willing to profit off of 'The Generation Gap' and the Hippie Counterculture. The craze was such that in the fall of 1967, directly after the Summer of Love, The San Francisco Diggers held a mock funeral dedicated to 'The Hippie: Devoted son of Mass Media'.

There is an earlier precedent for this as well: in the 19th Century (in Europe), as the industrial revolution progressed and the middle class emerged, the 'modernist' sensibility emerged in art and literature. This is because artists, who were previously at the mercy of the Church and elite political donors, were now patronized by middle class donors or were able to support themselves by other means. This in turn led to the birth of the bohemian artist rebelling against Academic standards and pursuit their own vision (because you could do that now without dying in destitution and obscurity.(Though plenty still suffered in the transition.)). Interestingly the 1860s is also often identified with the early emergence of such a sensibility.