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From The Collaborative International Dictionary of English v.0.48:
Glycolic \Gly*col"ic\, a. (Chem.) Pertaining to, or derived from, glycol; as, glycolic ether; glycolic acid. [1913 Webster] Glycolic acid (Chem.), an organic acid, found naturally in unripe grapes and in the leaves of the wild grape (Ampelopsis quinquefolia), and produced artificially in many ways, as by the oxidation of glycol, -- whence its name. It is a sirupy, or white crystalline, substance, HO.CH2.CO2H, has the properties both of an alcohol and an acid, and is a type of the hydroxy acids; -- called also hydroxyacetic acid. [1913 Webster]