The document discusses key aspects of postmodernism according to academics like Jean Baudrillard and Francois Lyotard. It argues we now live in a postmodern era for reasons such as culture and society collapsing into one another due to media dominance, an emphasis on style over substance, a breakdown of distinctions between art and popular culture, and a confusion over time and space due to technological advances. It also discusses the decline of grand narratives as ideologies and religions lose influence.