The two facets are deeply related. Like any lingua franca before, global English was invented to facilitate trade (economic exchange). The fact that it is English and not Basque or Suahili reflects the dominant economic power of the 20th century. But the peculiarity of the Anglo-saxon world that insists on financializing and commercializing everything (David Bowie securities anyone?) means that culture too became a tradeable cash crop. Pop culture became an exportable mass market product against which local traditions stood no chance.
Thankfully it seems that the relative shallowness of commercially distributed culture (required if it is to reach global markets) limits its scope. Once local culture stops being seeing as an anachronistic relic but rather a source of wealth people embrace it again.
So it may be possible to both have our cake and eat it. The story has not fully played out yet.