Modernity and Capitalism

1. Introduction

Modernity and Capitalism are two different terms that usually intertwine with
each other and help each other out to run the world. It would not be wrong to state that
capitalist modernity. Capitalism has resulted into making necessaries our luxuries. While
modernity are extending our luxuries. Both are aimed at changing the socio-cultural
norms of the world. Just take the example of our University, NCA. What it was 10 years
back is no where found now. The teaching methods, infrastructure, tools and even means
of transforming education are changed here. Today because of capitalist modernity,
everywhere here in NCA we are witnessing signs of Capitalism and Modernity. While
some aspects of this change are really positive and helping humanity. Like modernity in
health and care technology has revolutionized the world. Small pox and measles were
completely eradicated from this world because of modernity approach and capitalistic
investment. Polio is also on the verge of extinct, only because of capitalistic modernity.
On the other hand, it has brought the menace of negative notions as well. I will just quote
one example here. Globalization, Social Media, interdependence, and industrialization;
all are the tools of capitalism and modernity. Because of rapid interaction, the knowledge
and economies are transferred in seconds. Likewise, diseases are being transferred in
seconds too. Current Corona Virus is the prime example of it. Due to globalization and
interdependence, in less than three months, it has spread to one third of the world while
infection 0.2 million people. Meanwhile fake news and fake facts on social media has
created a panic among masses due to this virus. In following paragraphs the development
of this modern industrial process to the concept of "development" in terms of economic
change will be discussed along with examining relationship between modernization and
capitalism and social changes occurring due to it.

2. Economic Changes that have resulted due to development in modern industrial

process:

Following are the few positive economic changes that have resulted due to
development in modern industrial process:

 Increase in employments
 Increase in daily wages
 Greater investment opportunities
  Providence of funds and loans
 Prevalence of Insurance policies
 Relief funds from giants like IMF and WB

Following are the few negative economic changes that have resulted due to
development in modern industrial process:

 Increase in concentration of wealth

 Economic Gap: Rich getting richer and poor getting poorer
 Gap in wages between male and female employers
 Increasing wealth and development gap between North and South
 Modern Imperialism and Colonialism has also taken birth due to this
capitalistic modernity.

3. Capitalistic Modernity: Opportunities and Challenges to the Contemporary World

Already discussed in Introduction about Capitalistic Modernity. Here its

opportunities and challenges will be discussed by adopting its tools like globalization,
industrialization, arms race, and information and technology

 Globalization: Following are the opportunities due to globalization:

- The world has become interdependent
- There is no more isolation and aloofness policies
- Easy access to information
- Free flow of information, trade and ideas
- It has created more job opportunities and ways to earn
- Exchange programs for education are availed easily for example USAID
programs in Pakistan.

Following are the challenges due to globalization:

- Along with rapid spread of information, diseases are spread rapidly too.
Recent pandemic of corona virus is example of it
- It has resulted into concentration of wealth
- Due to globalization, there is rapid gap between developing and
developed world.
- Unstable world order is being erupted due to it.
- Under developed countries and their resources, like South African
countries are being exploited under the umbrella of globalization.
 Industrialization: Following are the opportunities due to
Industrialization:
- Rapid manufacturing of things
- Employment opportunities
- Development is promise and positive of industrialization
- Nations are being developed due to industrialization, for example China
which started from being under developed nation to developing to
developed. It is estimated that by 2050, China will be the largest economy
of the world, surpassing the might superpower USA.

Following are the challenges due to Industrialization:

- Rapid increase in global temperature. Climate is being speedy changing
due to heavy industrialization. It is estimated that by 2030, the world
temperature will reach 2 degree centigrade only because of carbon dioxide
that is produced in larger quantity by industries
- Industrialization has resulted in child labour
- A class system due to industrialization has erupted. White colour and
blue colour jobs concept has taken birth

 Arms Race: Following are the opportunities due to Arms Race:

- Balance of Power is created. For example between India and Pakistan.

Both are nuclear powers. Both are balanced by the nuclear threat
- Balance of Fear due to arms race has stopped the world from waging
world war 3.
- Arms industries of few countries, like USA and Russia, are the biggest
benefactor of this arms race.

Following are the challenges due to Arms Race:

- The sword of World War 3 is keep lingering over our heads due to this
strange arms race
- Investment in arms heavily effects the development of countries.
Pakistan can be the prime example of it. More than 50 percent of its
budget goes to army due to being a security state due to capitalistic
modernity arms race.

 Information and Technology: Following are the opportunities due to IT:

- The world has become a speedster because of IT

 - IT is keeping us updated.
- IT is producing jobs.
- IT is spreading the luxuries.
- Without an ounce of doubt, it can be said that we are living in the age of
IT, only because of capitalistic modernity.

Following are the challenges due to IT:

- Artificial Intelligence by IT industry is posing a great threat to humanity.
Even people like Bill Gates has warned about it.
- IT has created irrelevancy among masses. What we intend to learn is
becoming totally sidelined by irrelevant information poured up by IT
tools.
- It is also wasting time and effecting health.
- Procrastination is being inculcated in us.

4. Social Changes that have occurred due to Capitalistic Modernity:

Following are some of the social changes that have occurred due to Capitalistic
Modernity:
 Nuclear Families: Due to capitalistic modernity, the families are being
shifting from extended to nuclear families. Divorce is on increase too. Bad
parenting is another outcome. Moreover we are seeing one parent families.
 Modern Crimes: With modern ideas come modern crimes. Modernity has
resulted into inventing new kind of crimes. Every now and then we
witness and hear some news where a bank was robbed from online theft.
Moreover, crypto currency is being introduced by the capitalistic world
that highly pose great threat of online crime.
 Cyber Warfare: The states are waging now cyber warfare or commonly
known as hybrid warfare that needs people of a country to go against their
own country. This is going to effect the sovereignty and socio-political
relations of the country at large.
 Gaps: Due to capitalistic modernity the social gaps are increasing. For
example, the gaps between rich and power, social status, north and south;
and developing and developed world.
 Child Labor: ILO estimates that around 500 million children are involved
in child labor. Though child labor is illegal in democratic countries but
seems like capitalistic modernity have turned a blind eye over it.
5. Conclusion

In sum, it can be concluded that capitalistic modernity have both their positives
and negatives. But by analyzing the above discussion, it can be concluded that negatives
outweigh the positives. The world would be a better place, if there will be a balance
among the things. The necessities will remain necessities and would not turn into
luxuries. To turn every lemon into lemonade seems like the slogan of capitalistic
modernity, but if a balanced approach with neutral benefits would be the motto of this
institute then the Earth will take a deep sigh of relief - which is need of hour. Otherwise,
it will destroy the mother earth.