Another argument for Local Market Economies

I like this article by David Korten in this month's Yes magazine. He is taking about how to create a sustainable economy. I haven't read the whole thing yet, but this quote caught my eye:

Smith envisioned a world of local market economies populated by small entrepreneurs, artisans, and family farmers with strong community roots engaged in producing and exchanging goods and services to meet the needs of themselves and their neighbors. His vision bears little resemblance to the Wall Street economy of footloose global capital, credit default swaps, reckless speculation, and global corporate empires.