This paper is based on a panel discussion at the 2002 International Conference on Information Systems in Barcelona. Three panellists responded to a set of questions on the meaning of the term globalization to them, and the role of information and communications technologies (ICTs) in globalization processes. The panellists also highlighted the importance of local diversity in understanding globalization and ICTs, drawing from their varied research in contexts such as western country financial markets, health systems in Guatemala, and e-commerce in Mexico. A further output of the panel, and this paper, is the identification of key research questions and theories for future IS research in this important area