McDonaldization versus Localization
One way of looking at globalization is as the spread of the symbols, signs, and values of the wealthy nations, particularly the US.
The idea of McDonaldization is that the world is steadily and rapidly moving toward a single culture and that this culture is both controlled by an international elite based primarily in wealthy nations and obliterates local cultures as it expands.
The idea of Localization is that on the contrary, global forms are reinterpreted, redesigned, and made local. Culture is ultimately a local phenomenon. Because people will always construct their own interpretations, and because the nature of political and economic power is shifting from being overwhelmingly located in the wealthy nations of Europe, North America, and in Japan, to a far broader distribution, culture will become more rather than less diverse over time.
This is probably a false dichotomy. Perhaps as culture becomes more globalized it also becomes more localized.