It's a small world
(Other definitions for global village that I've seen before include "The world considered as a linked community" , "The modern world" , "Whole world as a closely connected community" .)
'it's a small world' is the definition.
'small world' is the wordplay.
'small' becomes 'minor' (synonyms).
'world' becomes 'planet' (a planet is a world).
'minor'+'planet'='MINOR PLANET'
(Other definitions for minor planet that I've seen before include "rock from space" , "Old name for asteroid - Pluto?" , "Ceres, say" , "small world!" .)
'it's a small world' is the definition.
(I've seen this in another clue)
This is all the clue.
(Other definitions for globe that I've seen before include "House 8 [OF SHAKESPEARE]" , "London replica theatre" , "stage for Shakespeare" , "Orb, ball" , "The round world" .)