Globalization can be found in five different areas: economic, cultural, political, religious, and social systems.
It should not be narrowly confused with economic globalization, which is only one aspect. While some scholars and observers of globalization stress convergence of patterns of production and consumption and a resulting homogenization of culture, power, stress,and hunger, others stress that globalization has the potential to take many diverse forms. In economics, globalization is the convergence of prices, products, wages, rates of interest and profits. Globalization of the economy depends on the role of human migration, international trade, movement of capital, and integration of financial markets. The International Monetary Fund notes the growing economic interdependence of countries worldwide through increasing volume and variety of cross-border transactions, free international capital flows, and more rapid and widespread diffusion of technology. Theodore Levitt is usually credited with first using the term globalization in an economic context.
Looking specifically at economic globalization, it can be measured in different ways. These centre around the four main economic flows that characterize globalization:
Goods and services, e.g. exports plus imports as a proportion of national income or per capita of population
Labour/people, e.g. net migration rates; inward or outward migration flows, weighted by population
Capital, e.g. inward or outward direct investment as a proportion of national income or per head of population
Technology, e.g. international research & development flows; proportion of populations (and rates of change thereof) using particular inventions (especially 'factor-neutral' technological advances such as the telephone, motorcar, broadband)