Spain did this in the 1600s?
All of the technology you are now using to be an annoying uneducated twit, except the telephone if you're using dialup, was first invented or perfected in that "downhill" 50s thorugh 70s you mention. Now during the Carter administration we completely lost our way and Reagan saved us from that and certain other missteps we took during the era you mention. But to say that time period lacked innovation is to live in total ignorance.
I was comparing the 50s to the 70s, I didn't say the 50s were bad. Productivity slowed greatly because of bad economic policy during the 60s and 70s. Reagan released the great American businessman and entreprenuer to do their wonders by good economic policy and got productivity and innovation back on track. I'm sure Spain had a little bit of innovation in those 150 years, but they couldn't keep up with Britain, who were doing more working than stealing.