Countries which are ethnocentric may challenge the concept of globalization. These are the countries that fill the category of traditional thinking. Countries which feel that they are independent of the rest of the world and they can exist very well in a closed economy. But the aspects of interdependency and being part of an open economy when it comes to globalization challenge these aspects of traditional thinking.
The term started gaining popularity in late 1990's therefore it cannot be called a newly formed one. It is neither standard as the concept is fresh and new for people all over the world. Therefore, it would be justified to call it radical because it has far-reaching impact in the way things are done now. It has the power to bring many changes in the way countries deal with each other and in the way countries exist and operate.
Industrial: Industrial globalization includes those production outlets where production is being done for foreign companies. Often, a garment company in USA might find it more cost-efficient to produce their clothing in a factory in China than in their own country.
Financial: Financial markets have sprung up all over the world, each posing some benefits and opportunities to global investors. Investors who want to diversify their risk can go global when it comes to their money and finances and where it should be invested.
Economic: The world is one global market now. Slippers made in Germany will be easily available to a consumer in India. The buying and selling of goods and services has become global with each company trying to cater to foreign buyers and fighting off global competitors.
Political: Political globalization is when certain forums or communities are created which take the responsibility of regulating world politics and the politics that arise when nations interact with each other, whether in the financial, economic or industrial market.
Cultural: the concept of "world culture" is emerging nowadays. A concept whereby all the cultures of the world are welcome and intercultural diversity is not neglected. People are getting to know each other's culture more than ever before. The diffusion of different cultures into each other also comes under cultural globalization.
Social: social globalization is the acceptance of norms, values and beliefs of another country into one's own country. For example, supposing, gender inequality might