For multinational corporations and financial institutions, globalization of economic activity has provided massive increases in their profits and power. Rootless and largely unregulated, they have superseded the old institutional structures based on the dominance of nation states, and are free to pursue their narrow financial aims regardless of the consequences for society. This text analyzes the harmful effects of economic globalization; sets out the underlying causes of today's social, economic, environmental and political crises; and outlines a strategy for creating localized economies that empower people and communities within a system of global co-operation.