Possible Duplicates:
Terminology used for language and culture-aware software
What is system.globalization And what’s the difference between it and localization
What is the difference between Globalization and Localization?
Straight from MSDN:
Globalization is the process of designing and developing applications that function for multiple cultures.
Localization is the process of customizing your application for a given culture and locale.
...Globalization focuses your applications capibilities on users as a generic user-base, whereas localization focuses on subsets of users in a given culture or locale. So you can think of globalization as a strategic venue, where as localization is tactical.