Musings on Early Modern, Modern, and Postmodern Eras
The term "modern" originates from late 16th-century Latin meaning "just now," which differentiates the present and recent past from a more distant past.
Modernity aligns with the age of globalization, which began with European voyages in the late 15th century and the Columbian exchange.
Historians categorize the last five centuries into distinct periods:
Early Modern: From around 1500 to 1789.
Modern: From 1789 to now.
Postmodern: Some historians suggest it began in the late 20th century.
The modern age is marked by the French Revolution in 1789, which was a significant turning point as it aimed to overhaul both political and social structures, unlike the American Revolution of 1776 which focused only on political change.
France's population at the time was large compared to the United States and had been a cultural center for many years.
The French revolutionaries influenced many regions by spreading revolutionary ideas, leading to changes in various countries including Haiti and those in Latin America.
The ideas from the French Revolution, especially those pertaining to popular sovereignty and equality, had a global impact during the 19th century.
The modern mindset developed as a reaction against early modern practices, influenced heavily by the Enlightenment of the 18th century. Despite these changes, there were significant continuities between the early modern and modern eras, especially regarding state administration and financial practices.
Important financial innovations from the early modern period that continued into modernity included:
The oldest existing bank, documented in 1472.
The first commissioned commodity exchange established in 1531.
The first joint-stock company founded in 1555.
An early instance of market speculation recorded in the 1630s.
The establishment of early central banks in the 17th century.
The first insurance brokerage originated from a coffeehouse in the late 17th century.
A government debt servicing mechanism introduced during the early 18th century.
The classification of "early modern" was first used at the University of Cambridge in the early 1950s and replaced older terminology by the 1970s.
The term "postmodern" came from deconstructionism in 1970s French literary criticism and philosophy.
Key developments marking the transition to a postmodern or contemporary age include:
The advent of the Nuclear Age with the development of nuclear weapons after World War II.
The rise of consumer society in the wake of World War II, with increased access to household items and advancements in women's roles in the workforce.
The communications revolution, particularly marked by advances in technology in the mid-1980s, which transformed connectivity and speed in global travel and business.
Significant demographic changes predicted by scholars, highlighting a shift away from Western centricity due to population growth in various global regions.
A discussion about the Anthropocene epoch, which has seen notable increases in pollution starting in the mid-20th century, although its formal recognition as a geological period is still debated.