Yes definitely. I'm currently doing a study on political and economic issues and how they have influenced fashion through history:
If you look at the 40's - WW2 changed what people wore worldwide.
the 60's - economic boom caused younger people with money to gain a sense of great freedom and liberty, they wore whatever they wanted whenever they wanted - bright colours, miniskirts, women stopped showing off their waists. also, in America the Vietnam War influenced the psychedelic hippie movement.
the 80's - economic recession caused young people to make do and invent new looks - the 80's street wear style.
just some of the examples
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