The 1980s decade was the period of time between January 1, 1980, and December 31, 1989. The time period saw great social, economic, and general change as wealth and production migrated to newly industrializing economies. As economic liberalization increased in the developed world, multiple multinational corporations associated with the manufacturing industry relocated into Thailand, Mexico, South Korea, Taiwan, and China.
Japan and West Germany are the most notable developed countries that continued to enjoy rapid economic growth during the decade while other developed nations, particularly the United Kingdom and the United States, re-adopted laissez-faire economic policies.
Developing countries across the world faced economic and social difficulties as they suffered from multiple debt crises in the 1980s, requiring many of these countries to apply for financial assistance from the International Monetary Fund (IMF) and the World Bank.
Ethiopia witnessed widespread famine in the mid-1980s during the corrupt rule of Mengistu Haile Mariam, resulting in the country having to depend on foreign aid to provide food to its population and worldwide efforts to address and raise money to help Ethiopians, such as the famous Live Aid concert in 1985.