Globalization is a term used in a wide range of meanings and is variously defined. Usually it means that politics, economy, society, technology, legislation and environment around the world are gaining in some sense a global impact or character.
The economic crisis in certain parts of the world could easily turn into a global crisis. Fashion wave at one end can quickly spill over elsewhere and become a global trend.
Global Village is a related concept. The author is a Canadian media theorist Herbert Marshall McLuhan, who in the sixties called it the phenomenon of “shrinking” Earth thanks to electronic media (those days especially TV and radio, now especially the Internet). He wanted to suggest that, among other things, thanks to modern media, news travels instantly around the whole world, just as the information had earlier spread by word of mouth through a small village.