Globalization
One index of globalization is the "KOF Index of Globalization", which measures three important dimensions of globalization: economic, social, and political. Another is the A.T. Kearney / Foreign Policy Magazine Globalization Index.
Measurements of economic globalization typically focus on variables such as trade, Foreign Direct Investment (FDI), Gross Domestic Product (GDP), portfolio investment, and income. However, newer indices attempt to measure globalization in more general terms, including variables related to political, social, cultural, and even environmental aspects of globalization.
Globalism
Alternatively, American political scientist Joseph Nye, co-founder of the international relations theory of neoliberalism, generalized the term to argue that "globalism" refers to any description and explanation of a world which is characterized by networks of connections that span multi-continental distances; while globalization refers to the increase or decline in the degree of globalism. This use of the term originated in, and continues to be used, in academic debates about the economic, social, and cultural developments that is described as globalization. The term is used in a specific and narrow way to describe a position in the debate about the historical character of globalization (i.e. whether globalization is unprecedented or not).