(Here are my thoughts about playing this piece. Please add your thoughts in the comments at the bottom.)
From Roberts, page 214-217: A Golliwog is “the name of a black doll in the books of the illustrator Flora Upton” (titles include The Golliwog’s Circus and The Golliwog’s Auto-Go-Cart), and was a great success in Europe as a toy. A Cakewalk is a dance form that originated in America, and was played in Europe by John Phillip Souza among others. The Cakewalk has its roots in black American music and is closely related to ragtime. Debussy saw Souza play cakewalks, and wrote that perhaps cakewalks are the one advantage American music had over “other kinds of music” (from a review by Debussy in Gil Blas).