Bipedal walking, the habitual gait for man, is rather unique in nature and poses particular challenges for balance and propulsion. The characteristic double-humped ground reaction force profile has been widely observed but not put into functional context. We propose a mathematical model that captures the dynamics of the human foot in walking including the characteristic motion of the center of pressure. Using this model, we analyze the functional interplay of all essential biomechanical contributors to foot dynamics in walking. Our results demonstrate the intricate interplay of a self-stabilizing mechanism which allows extending a leg's stance phase while simultaneously powering rapid swing by condensing the essentials of foot dynamics into a reductionist, biomechanical model. A theory is presented which identifies the foot to be the key functional element and which explains the global dynamics of human walking. The provided insights will impact gait therapy and rehabilitation, the development of assistive devices, such as leg prostheses and exoskeletons, and provide guidelines for the design and control of versatile humanoid robots.