A number of social activists believe that many aspects of economic globalization, such as deregulation, privatization and free trade, will cause ‘the destruction of our water systems’ (Barlow, 2000, p79). In contrast, free market advocates such as Francis Fukuyama maintain that the free market will solve all of our problems (Burchill and Linklater, 1996). Neither is correct. Moreover, both analyses are superficial, polarized and dangerous. We must change. However, we must do it carefully by examining the opportunities offered by globalization, while at the same time recognizing its risks. As stated by Farhang Rajaee (2000), ‘Civilizations continue to flourish as long as they can respond to challenges, which come either from the past or from the future.’ Rajaee argues that creativity and productivity occur at the intersection of the past and future, which requires balancing between Max Weber’s concept of ‘the eternal yesterday’ (Gerth and Mills, 1958, p78) and ‘the eternal tomorrow’.