The impact of globalization on indigenous cultures

The most concerned issue of the impacts of globalization on indigenous cultures is the economic change. Due to globalization, changes in the financial system in any banks affect one and another, and the financial system may give a direct reflection on economic activities. According to Hill(2005), about 25 years before, Islamic banking does not condemn interest, even though it is defined as unjust by Koran. After the indigenous people such as Pakistan adopted the condemnation system, all the Islamic banks from the world have averagely obtained more than 16 percents profit from its capital. Besides, globalization also improves the lifestyle of indigenous peoples in the form of urbanization. In the past, indigenous people live in small villages, but they live in cities now. It was supported by Some 300 million Chinese farmers are forecast to more to urban areas (2007) which reported in Beijing that, a forecast of over 300 million farmers in China will move to urban areas in the next 20 years. This is because globalization of the world trading has discovered the potential market of China with huge population. This had provided more opportunities of work for the citizens. With higher income, they can obtain better living. This situation claims that, globalization helped to develop the world economy and increase the production of indigenous peoples. Therefore, globalization has greatly affected the indigenous in their business cultures.