modernization (redirected from Commodity Futures Modernization Act - CFMA)

modernization

Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, community, or occupational group as the basic unit of society. Division of labour, characteristic of industrialization, is also applied to institutions, which become more highly specialized. Instead of being governed by tradition or custom, society comes to be governed according to abstract principles formulated for that purpose. Traditional religious beliefs often decline in importance, and distinctive cultural traits are often lost.