I was having a conversation the other night with some designer friends and we were trying to come up with a name to encapsulate this style (example by Erik Nitsche). I have heard it generally referred to as "modernism" but we wanted something a bit more specific. In particular it should refer to this sort of subject matter; mid-century technical manuals, industry literature, signage, World’s Fair campaigns, Olympics campaigns; basically any design commissioned by an institution or by a company, like General Dyanmics, who doesn’t market directly to the public. I suggested "Institutional Modernism" and I think "Industrial Modernism" was thrown around.
So is there an established term for this sort of design? This seemed like a very unique time in history when a large amount of money and talent were directed at projects which weren’t corporate ad campaigns directly targeted at the general public. I think this fact alone shaped the output and resulted in some of the best graphic design the world may ever see. Whatever the case may be it’s designs like these, more than anything else, that have influenced and informed my own application of typography. It seems that no one has done it better before or since.
FYI: As Vytis quickly pointed out, the headline reads "Atomy na sluzhbi myra" – Translated: “Atoms – serving the world” In a servant-master way…"