According to a survey made by the International Monetary Fund (IMF), Economic Globalization has led to the rise of mutual dependence among worldwide nations, on the grounds of speedy and widespread dispersion of technology, increasing international trade in terms of bulk and diversity, free flow of capitals on international level, etc.
In fact, economists like Theodore Levitt are in favor of using Globalization in the context of economy.
In reality, the term “Globalization” in the context of economics was made popular by Levitt himself around 1983, though economists since 1981 were familiar with the term “Economic Globalization”. With passing time, however, this term has gained wider connotations. At present, Globalization of the economy can be measured on the basis of 4 principal economic flows which characterize the concept as well:
Commodities and Services: In this respect, both imports and exports are taken together as proportionate to per capita national income.
Population or labors: This helps in understanding inward or outward flow of immigrating people and the net immigration rates, in terms of the total population of a country.
Capital: The inbound or outbound direct investments are proportionate to per capita income.
Technology: Increase in research and development programs on an international level, whereby at least a part of the country's population are benefited from such inventions.