Toys in the past have used mostly mechanical gears - cams, cans, springs, wind-up mechanisms and so on. There were a lot more wooden and tin toys. Nowadays the toys are made mostly from plastic, use remote control and electronic or at least electrical mechanisms.
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Well, toys have changed in many ways, and you would probably have to look at individual toys to see all the changes. One thing is that toys use a lot more plastics instead of wood. Due to things we've discovered about safety, toys for the most part are safer. Due to technology, there are a lot of toys that can do amazing things that could never have been done in 1948.
Barbie first made the toy counter scene in l958 Mattel toys- originally the Mat son and Elliott company a mo nicker retained for the Lino printer line- a typesetting machine cum printing press circa l966.
More and more toys are becoming electric, and many toys also have LED screens, something that was unheard of in 1961. Also, toys are being made of more plastic and less wood and metal. In general, the quality of toys has decreased.
Some popular toys were tricycles, wagons, toy trucks and cars, dolls, doll houses, hobby horses, various miniature playsets with rubber or plastic people and animals and metal or card board buildings. There were ranches, farms, circuses, filling stations, electric trains. There were card games - eg. Old Maid, Authors and Board Games such as Sorry , Uncle Wiggly and Monopoly. Toy guns with fancy holsters were popular. Chemistry sets and various construction sets were available.
Toys have become much more advanced since 1940. Battery operated and computerized toys have taken the place of board games and simple toys.
Yes, toys have changed drasticaly. Back in the 18th century, children had to make their own toys. Girls made cornhusk dolls, and boys made balls, or marbles.