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The 80's definitely had the advantage that a lot of the big blockbusters were still mostly in the hands of creative directors, the studios didn't really have a formula to follow and had to go along with what they came up with. I think you saw that climate decline in the early 90's though, the CGI showpiece blockbuster became a formula they could recycle endlessly without anyone that talented in charge.
You also had the tail end of New Hollywood in the early 80's as well, actually some of the best films of that movement such as Raging Bull, Blade Runner, Once Upon A Time In America and Rumble Fish.
Rumble Fish
Thats a damn fine movie