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Postmodernity (also spelled post-modernity or the pejorative postmodern condition) is generally used to describe the economic and/or cultural state or condition of society which is said to exist after modernity. Some schools of thought hold that modernity ended in the late 20th century, replaced by post-modernity, while others would extend modernity to cover the developments denoted by Postmodernity and into the present. Originally the term "postmodern" related to architecture, eventually coming to embrace the arts and literature. At present the terms “postmodern era” or “postmodern age” are sometimes used also to indicate a fourth period of history, following after the earlier Ancient, Medieval and Modern periods. In a 1994 speech in Philadelphia, Czech Republic President, Vaclav Havel, defined the modern world as the almost five centuries from the discovery of America to the first moon landing in 1969. Havel gave a hopeful description of the subsequent postmodern world as one based on science, and yet paradoxically “where everything is possible and almost nothing is certain.”[1] These terms are used by philosophers, social scientists, and social critics to refer to aspects of contemporary culture, economics and society that are the result of the unique features of late 20th century and early 21st century life. These features include the fragmentation of authority, and the commoditization of knowledge (see "Modernity"). Postmodernity is a condition, or a state of being, or is concerned with changes to institutions and conditions (as in Giddens, 1990) - whereas postmodernism is an aesthetic, literary, political or social philosophy. In other words, postmodernism is the "cultural and intellectual phenomenon", especially since the 1920s' new movements in the arts, while postmodernity focuses on social and political outworkings and innovations globally, especially since the 1960s in the West.
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