Explanation:
The word boloney has a negative connotation. According to the vocabulary website; the word came from "the sandwich bologna, which is typically made of leftover scraps of meat." So the food boloney came to connote "nonsense" or something of no value or benefit.
Since a metaphor involves comparing two things that are not alike but share something in common: by using the food baloney to describe globalization, the author was most likely referring to the negative or little benefits of globalization he or she perceived.
