Forms of Modernization and its Impact on Economy

This article is concentrated on the study of modernization, its forms and positive and negative impact over the economy of the country. Modernization is the process of societal development from a traditional to a modern society. It symbolizes a process of economical and cultural change of the nation. In modernization society tries to innovate and utilize its present and old knowledge, patterns, techniques and resources. Modernization has positive as well as negative effect on cultural, political and economic life of the people. Based on descriptive and analytical method, this study explores the concept and practice of modernization on a global scale. It delves into the various forms modernization and further analyzes the impact of modernization on both social structures and economic systems. Finally, the article also looks at the challenges that come with modernization. Modernization theory divides the whole global into two parts: north and south. The rich western countries known as North and poor countries of Asia, Africa and Latin America are known as South. The modernization theory explains the development and change in the south countries are influenced by the patterns of development of North. The country economy and culture are always dynamic. It is influenced by external development trends such change is directed by the development of physical infrastructure, information technology, education, ideology of northern countries. Therefore the country’s economy and culture are gradually influenced by the developed nation and move from traditional to modern.