Neocolonialism is a system of financial and cultural exploitation whereby one country exercises invasive power and control over another country.
The term "neocolonialism" was coined by Kwame Nkrumah, the first President of independent Ghana. The term itself is highly politicized and controversial. It is usually used by those who oppose multinational corporations and other a components of global capitalism.
Modern day post-colonial African nations such as Ghana, Nigeria, the Ivory Coast and Benin are good examples of neocolonialism. Though officially independent, these nations are heavily influenced and controlled by the economic policy of their former imperialists.
"Neocolonialism" also describes more generally the uneven dynamic of power between Western or "developed" nations on one hand, and "third-world" nations on the other.
The above answer defines "neocolonialism," while the question specifies "neolocalism." The following answer presumes the student posing the question knew what he or she was talking about and will provide examples of "neolocalism."
Neolocalism is a common phenomenon wherein displaced ethnic groups will celebrate their heritages in locations alien to their origins. In other words, an ethnic group or nationality large numbers of which have emigrated to another country, or been forcefully expelled from its homeland and is now represented in a new country, attempts to keep its heritage alive through observance and celebration of traditional holidays and days of remembrance. The United States, a country comprised of hundreds of ethnic groups from all around the world, offers numerous examples of neolocalism. Large numbers of Vietnamese refugees who fled their homeland after the communist takeover of the southern half of the country in 1975 called the United States their new home. They did, however, forget their heritage, and Vietnamese American communities continue to hold celebrations associated with their native culture. Similarly, Somali-American communities, for example, in Minnesota, continue to observe important dates in Somalian history, as do many other immigrant communities. Chinese American communities, most notably the substantial Chinese American population in New York City's Chinatown neighborhood, continue to celebrate Chinese holidays, especially the start of the Chinese New Year, which is accompanied by large street celebrations and parades.
These are only a few examples of neolocalism. There are many more, and countries around the world with immigrant communities all experience this phenomenon.