From the Publisher

By Robert L. Miller

Before senior editor Claudia Wallis sat down to write this week's cover story, she had mixed emotions about the feminist movement. "If asked the question, 'Are you a feminist?' I would have said, 'Yes, but . . . ' " The uncertainty reflected Wallis' experience balancing the demands of a career and a growing family (she and her husband Hugh Osborn, a media consultant, have two children, Nathaniel, 3, and Madeleine, 11 months). "I wondered whether the movement did us a disservice by not preparing us for how difficult it would be," she says. "I'm part of a generation of women who grew up with the opportunities created by the feminist movement, but who find it difficult to cope in a society whose institutions and values have not yet adjusted to women's new roles."

Wallis was able to cope with this story because of a flexible work schedule, good child care and a husband who shares responsibility for household chores and the children, particularly when she works late.

Writing the cover story cleared up much of Wallis' uncertainty about feminism. Examining outdated images of women in old ads and studying reports from correspondents Scott Brown, Melissa Ludtke and Martha Smilgis proved how far women have come. Now, she says, "I have no problem saying, 'Yes, I am a feminist.' "

Marisol, the renowned wood sculptor, fashioned the figures on the cover from pinewood and plywood and hand-painted the suit. Marisol also did TIME's Hugh Hefner cover in 1967 and the Nixon-Kissinger Men of the Year cover for 1972. Although she supports feminist causes, Marisol prefers another label. "I'm not a feminist," says she. "I'm an artist."

In this issue TIME introduces a new column in the Business section, "World of Business." It is written by London-based contributor Robert Ball, a former TIME correspondent and member of FORTUNE's board of editors. The column reflects the magazine's commitment to covering the increasingly important field of international business.