Globalization and Europeanization have been increasingly fashionable terms in the past years. Nevertheless, often their use has been somewhat `loose' and they have been considered as equivalents in exerting external pressures on national welfare states. Moving from the definition of the two processes, the article illustrates the different features of globalization and Europeanization, and provides and tests an analytical framework for the understanding of the institutional effects of the processes. In the first part of the article, the two political phenomena are defined and an analytical framework based on three dimensions (market orientation, mode of governance and decision-making style) is offered. In the second part, a closer look at the Italian case is provided. The empirical analysis shows that Europeanization might act as an `antidote' to globalization: not only does it promote different policy goals but also it displays institutional effects that globalization is not able to determine.
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