The name “globe” refers to the external shape of the valve, not the internal flow area. A typical globe valve has a stem that is adjusted linearly (up and down) to change the position of the plug.
As the plug changes, the area for flow between the plug and seat (opening) changes. Many different seat and plug designs are available to achieve desired relationships between the stem position and flow rate;
The standard plug must oppose the pressure drop across the valve, which is acceptable for small pressure drops. For large pressure drops, a balanced globe valve is used to enable a valve with small force to open and close the plug.