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1948 London Olympics

1948 Olympics Opening Ceremony
The Olympic Torch is presented at the 1948 Summer Olympic Games at Wembley Stadium in London, England. Towering above the stadium was a quote from Baron Pierre de Coubertin, the founder of the modern Olympics: “The important thing in the Olympic Games is not winning but taking part. The essential thing in life is not conquering but fighting well.” (Getty Images) (Getty Images)

This summer's London Olympics has a $16 billion price tag, lavish new venues, and a revitalized East End. Compare that with London's 1948 "Austerity Games"--which featured bombed-out buildings, rubble, and a shoestring budget. -- By Andrew Dubbins, Yahoo! Sports