Is globalization essentially a process of ‘universalisation’ of capitalist modernity?

Capitalist modernity is the package that took shape in Europe from the sixteenth century: market accumulation, private property, the bureaucratic nation-state, science and secular individualism. For Anthony Giddens (The Consequences of Modernity, 1990), "modernity is inherently globalising". The question is whether globalisation is essentially that package spreading outward, or something larger.