Postmodernity (post-modernity or the postmodern condition) is the economic 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 – in the 1980s or early 1990s – and that it was replaced by postmodernity, and still others would extend modernity to cover the developments denoted by postmodernity. The idea of the postmodern condition is sometimes characterized as a culture stripped of its capacity to function in any linear or autonomous state like regressive isolationism, as opposed to the progressive mind state of modernism.

Postmodernity can mean a personal response to a postmodern society, the conditions in a society which make it postmodern or the state of being that is associated with a postmodern society as well as a historical epoch. In most contexts it should be distinguished from postmodernism, the adoption of postmodern philosophies or traits in the arts, culture and society. In fact, today's historical perspectives on the developments of postmodern art (postmodernism) and postmodern society (postmodernity) can be best described as two umbrella terms for processes engaged in an ongoing dialectical relationship like post-postmodernism, the result of which is the evolving culture of the contemporary world.

Some commentators deny that modernity ended, and consider the post-WWII era to be a continuation of modernity, which they refer to as late modernity.

Postmodernity is the state or condition of being postmodern – after or in reaction to that which is modern, as in postmodern art (see postmodernism). Modernity is defined as a period or condition loosely identified with the Progressive Era, the Industrial Revolution, or the Enlightenment. In philosophy and critical theory postmodernity refers to the state or condition of society which is said to exist after modernity, a historical condition that marks the reasons for the end of modernity. This usage is ascribed to the philosophers Jean-François Lyotard and Jean Baudrillard.

One "project" of modernity is said by Jürgen Habermas to have been the fostering of progress by incorporating principles of rationality and hierarchy into public and artistic life. (See also post-industrial, Information Age) Lyotard understood modernity as a cultural condition characterized by constant change in the pursuit of progress. Postmodernity then represents the culmination of this process where constant change has become the status quo and the notion of progress obsolete. Following Ludwig Wittgenstein's critique of the possibility of absolute and total knowledge, Lyotard further argued that the various metanarratives of progress such as positivist science, Marxism, and structuralism were defunct as methods of achieving progress.

The literary critic Fredric Jameson and the geographer David Harvey have identified postmodernity with "late capitalism" or "flexible accumulation", a stage of capitalism following finance capitalism, characterised by highly mobile labor and capital and what Harvey called "time and space compression". They suggest that this coincides with the breakdown of the Bretton Woods system which, they believe, defined the economic order following the Second World War. (See also consumerism, critical theory.) Other academics, such as the archaeologist Artur Ribeiro, also identify postmodernity with late capitalism. Though in the case of Ribeiro, he places the start of modernity at the beginning of the Bretton Woods system.

Those who generally view modernity as obsolete or an outright failure, a flaw in humanity's evolution leading to disasters like Auschwitz and Hiroshima, see postmodernity as a positive development. Other philosophers, particularly those seeing themselves as within the Modern Project, see the state of postmodernity as a negative consequence of holding postmodernist ideas. For example, Jürgen Habermas and others contend that postmodernity represents a resurgence of long running Counter-Enlightenment ideas, that the modern project is not finished and that universality cannot be so lightly dispensed with. Postmodernity, the consequence of holding postmodern ideas, is generally a negative term in this context.

Postmodernity is a condition or a state of being associated with changes to institutions and creations and with social and political results and innovations, globally but especially in the West since the 1950s, whereas postmodernism is an aesthetic, literary, political or social philosophy, the "cultural and intellectual phenomenon", especially since the 1920s' new movements in the arts. Both of 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 features of late 20th century and early 21st century life, including the fragmentation of authority and the commoditization of knowledge (see "Modernity").^{[citation needed]}