Résumé : Word sense induction (WSI) is the task aimed at automatically identifying the senses of words in texts, without the need for handcrafted resources or annotated data. Up till now, most WSI algorithms extract the different senses of a word 'locally' on a per-word basis, i.e. the different senses for each word are determined separately. In this paper, we compare the performance of such algorithms to an algorithm that uses a 'global' approach, i.e. the different senses of a particular word are determined by comparing them to, and demarcating them from, the senses of other words in a full-blown word space model. We adopt the evaluation framework proposed in the SemEval-2010 Word Sense Induction \& Disambiguation task. All systems that participated in this task use a local scheme for determining the different senses of a word. We compare their results to the ones obtained by the global approach, and discuss the advantages and weaknesses of both approaches.