"Even though there are blockbusters today, musicals don't represent the same things as they did during the golden age of the American musical."
The musicals of the Golden Age (I'm thinking of shows like South Pacific
, Fiddler on the Roof
, and my all-time favorite, Man of La Mancha
) were about writing, directing, and performing; the modern blockbusters are mostly about fog and helicopters (and plots ripped off from classic operas).
Put differently, the older shows were about art and the newer shows are about technique.
Is this an absolute? Of course not; many older shows were not good at all, and some modern shows are quite valid, artistically. Nevertheless, those are the trends.