In general, globalization presents a massive challenge to the health of local economies everywhere. If we could balance a global economy for high-value products with a local economy for basic needs/wants, that would be ideal. Unfortunately, global companies dominate both high-value products (think Apple and Honda) AND basic needs/wants (think Wal-Mart and Home Depot). This strips the teeth out of local economy--local businesses that are actually manageable by 'normal folks' like grocery and hardware stores cannot compete with the behemoths. Not everyone has the expertise and education to create a global company, but in every town there are at least a few people who can run a grocery or hardware store.
Yay, global Apple and Honda. Boo, global Wal-Mart and Home Depot.