A Letter From the Editor

By Richard B. Thomas

Assessing the ups and downs of a pulsating global economy requires both an eye for detail and an ability to identify broad emerging trends. To meet this challenge, TIME last week for the first time convened all three of its Boards of Economists -- from the U.S., Europe and the Pacific -- with a pair of distinguished guests: former Secretary of State Henry Kissinger and Arnaldo T. Musich, chairman of the Foundation for Latin American Economic Research. The 21 experts met with our editors in one freewheeling two-day session in New York City. Their discussions contributed heavily to this week's twelve-page Special Section, which comprises stories on the Age of Capitalism as well as a report on the boards' analysis of trade and the many other economic issues facing the world community.

Says George M. Taber, senior editor of the World section: "We called them all together at this time partly because we were struck by the fact that nations as diverse as Argentina, Britain and France are all seeking to sell off state-owned businesses and to promote free enterprise." Associate Editor John Greenwald, who wrote the main story in the section, adds, "The comeback of capitalism was a leitmotiv of the conference, and it is one of the significant developments of the 1980s. Governments everywhere, even in China, are finding that free enterprise is the way to develop their countries."

Taber, with International Editor Karsten Prager and Economy & Business Senior Editor Charles P. Alexander, moderated the sessions. Says Prager: "The meeting provided a forum in which all sides could not only present their own situations but elicit immediate responses and debate from their counterparts." Alexander observes: "The discussions gave us a unique worldwide perspective. To find out how economists from opposite sides of the world view the same event was enlightening for all of us."

One ongoing participant in Board of Economists meetings is Editorial Assistant Mary Catherine Orr, who coordinated this and some 40 earlier conferences. Says she: "Board Member Walter Heller and I have been involved with them longer than anyone else. I've become fond of the members, since I've known many of them for so long. Like all smart people, they are easy to work with." We find them highly informative as well.