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Late modernity (or liquid modernity) is the characterization of today's highly developed global societies as the continuation (or development) of modernity rather than as an element of the succeeding era known as postmodernity, or the postmodern. Introduced as "liquid" modernity by the Polish sociologist Zygmunt Bauman, late modernity is marked by the global capitalist economies with their increasing privatization of services and by the information revolution.