Below are the definition’s which is taken from the Microsoft glossary.
Globalization: The process of developing a program core whose features and code design
are not solely based on a single language or locale. Instead, their design is developed for
the input, display, and output of a defined set of Unicode-supported language scripts and
data related to specific locales.
Localization: The process of adapting a program for a specific local market, which includes
translating the user interface, resizing dialog boxes, customizing features (if necessary),
and testing results to ensure that the program still works.
You can visualize globalization as more of architecture decisions. While localization is
adapting your content to local market. Localization phase occurs before globalization
phase.