Editor's page.

• Author: Marshall, Jeffrey

Opportunity or threat; glass half-full or half-empty? That's the framework that noted business author Jim Champy takes to the subject of global trade in our cover story. While noting statistics that show how U.S. markets and companies have lost market share in recent decades, he also finds huge opportunities for smart American companies that embrace technology and sourcing of supplies where it is most advantageous.

Champy is a big believer in free trade and open markets, concluding that protectionism is a losing proposition. "Strict protectionist measures always result in creating weak country economies and weak corporate competition," he writes, offering the examples of French auto companies like Renault and Peugeot, once players in the North American market, which are no longer able to compete here.

Household name Kimberly-Clark Corp. has been around for 135 years and has undergone a slew of changes--most of them in recent years. As CFO and FEI member Mark Buthman tells Executive Editor Ellen M. Heffes in an interview, K-C has moved from a concentration on forest and paper products--Kleenex and Huggies remain its iconic brands--to a focus on health and hygiene. Buthman reviews the company's strategic thrusts, including its continuing global push and a move into servicing professional businesses.

The fallout from the subprime mortgage mess and the credit crunch that smacked the stock markets last summer showed no signs of letup as the year came to a close. Big swaths of the economy are in distress, and banks have rolled up their red carpets. The result, as "Any Port in a Storm" details, is that credit is extremely tight, and troubled companies may have difficulty getting funding without going to asset-based or even distressed-asset lenders.

The case for an integrated insurance program is made by Jeff Summerville of Zurich. Summerville details the main components of such a program and its potential advantages, including overall savings, freedom from...