Inverse Faraday effect
The inverse Faraday effect is the effect opposite to the Faraday effect. A static magnetization 
is induced by an external oscillating electrical field with the frequency 
, which can be achieved with a high intensity laser pulse for example. The induced magnetization is proportional to the vector product of 
and 
:
![\vec{M}(0)\propto[\vec{E}(\omega)\times\vec{E}^*(\omega)]](http://upload.wikimedia.org/math/8/6/2/8620989899d019b638fa25827aad0463.png)
From this equation we see that the circularly polarized light with the frequency should induce a magnetization along the wave vector 
. Because is in the vector product, left- and right-handed polarization waves should induce magnetization of opposite signs.
The induced magnetization is comparable to the saturated magnetization of the media.
References
- R. Hertel, Microscopic theory of the inverse Faraday effect, http://arxiv.org/abs/cond-mat/0509060 (2005)
- A. V. Kimel, A. Kirilyuk, P. A. Usachev, R. V. Pisarev, A. M. Balbashov and Th. Rasing, Ultrafast non-thermal control of magnetization by instantaneous photomagnetic pulses, Nature 435, 655-657 (2005)
