Globalization and localization demystified in ASP.NET 2.0

Globalization and localization are two important processes which every developer should be aware of while creating global products or applications. Though there are many articles which explain the subject well, I did not find a single resource which explains all important concepts regarding globalization/localization, practically and comprehensively. This article aims to provide practical step-by-step approach to globalizing a web application in ASP.NET 2.0.