Globalizationis a process of developing a software product whose core design does not make any assumptions base on a locale. It potentially hands all targeted linguistic and culture variations (such as text orientation, data/time format, currency etc.) within a single code base.
Localization means taking an internationalized product and customizing it for a specific market. This includes translating the software strings, rearranged the UI components to preserve the original look and feel after translation, customizing the formats.