70's Redux

Berry, in her article "Be Our Brand", makes a note about how the postmodern plays into consumption and shopping habits. I was wondering also about the consistent revival of styles from the past decade in fashion houses today. It seems that all everyone does these days is to make a pastiche of decades past. 2009 and 2010 saw a big embrace of the 80's bandage dress and strong shoulder look -- a redux which was hugely popular. The 50's new era silhouette had been revived again and again by Louis Vuitton and Prada. Right now, for Spring/Summer 2011, the 70's wide-leg jean has made a comeback, as a response to the pervasive skinny pants of the past couple of years. This image, from the Sartorialist, was what it took apparently, to bridge the gap from the experimentation with wider leg styles on the runway to it actually being worn on the street.

What I'm wondering is, what might characterise the style of the turn of the 21st century? I cant seem to think of a style which characterises the 90s or the 2000s in the way which, say, the wasp-waist does the 50's. Meanwhile, I have my eye on some summery 70's inspired espadrilles...