Lokaksema or Lokakshema is a Sanskrit word meaning Global Wellbeing. Loka means world and Kshema means welfare in Sanskrit.
It is normally used in the context of various prayers and rituals performed in Hinduism. For example, there could be a big ritual yagna conducted for some common good such as a blessing for rains. It could also be used in the context of public prayers or mass chanting of mantras for a social cause.
Most of the Hindu rituals end with a generic prayers such as Loka Samastha Sukino Bhavantu - Let the entire world be happy Sarve Jana sukino Bhavantu - Let the People of the world be happy
The full version of this prayer is stated as follows: स्वस्तिप्रजाभ्यः परिपालयंतां न्यायेन मार्गेण महीं महीशाः ।
गोब्राह्मणेभ्यः शुभमस्तु नित्यं लोकाः समस्ताः सुखिनोभवंतु ॥
ॐ शान्तिः शान्तिः शान्तिः | This phrase is from one of theMangala Mantra often recited after apooja or religious ceremony. Meaning: May the well-being of all people be protected By the powerful and mighty leaders be with law and justice.
May good success be with all cows (divinity) and scholars, May all (samastah) the worlds (lokha) become (bhavantu) happy (sukhino).
Om peace, peace, peace