Globalization is the process of making a product multi-lingual. All language-related aspects of the program are separated from the code, and all aspects, which vary with target country, are handled in a country-independent way.
Localization is the process of adapting a global product for a particular language and country. Localization includes translations and other conversion, and takes into account local practices and culture, providing a product, which is comfortable to use in the target country.