(FORTUNE Magazine) – MANAGING/Cover Story 44 ENVIRONMENTALISM: THE NEW CRUSADE It is expected to be not only the biggest business issue of the 1990s but a mainstream movement of massive worldwide force. Environmentalists are moving from confrontation to the best kind of collaboration. And instead of mere compliance with government regulations, smart companies are joining in the pilgrimage toward ''eco-responsibility.'' Farsightedness today will pay off tomorrow. by David Kirkpatrick

50 LEADING THE CRUSADE INTO CONSUMER MARKETING

TECHNOLOGY 58 WHO'S AHEAD IN THE COMPUTER WARS Look whose earnings are down: IBM, Apple, Digital, and more. Competition and technology have driven down the cost of computing power and with it the price of the machines. Not all big companies will survive the rough 1990s. But some stand to prosper. by Brenton R. Schlender

AUTOS 68 IACOCCA TALKS ON WHAT AILS DETROIT Business should pick up by spring, says Chairman Lee. But Detroit needs more joint ventures both domestic and foreign, higher gas taxes, and a harder sell to catch the Japanese.

COMPETITION 85 YOU CAN MAKE MONEY IN JAPAN The market is more open to U.S. companies than before. Keys to success: cash, patience -- and a little table pounding. by Carla Rapoport

MONEY & MARKETS 96 BANKS DISCOVER THE CONSUMER They're trying to win your business with smarter marketing, packages of products, and service like you've never seen before. Why? You're where the money is. by Terence P. Pare

107 THE HIDDEN RISKS IN YOUR 401(k) Corporate employees have sunk billions into an investment that sounds safer than it is. Their employers and the U.S. taxpayer could also end up taking a spill. by Carol J. Loomis

CORPORATE PERFORMANCE 112 OF BIBLES, BONDS, AND BILLIONS Those down-home Stephens boys made it big in Little Rock. More ambitious now than ever, they want to bust out and -- by focusing on a few fee-rich industries -- be the investment bankers for middle America too. by Christopher Knowlton

115 THE INVESTMENT BANKERS' BURIED TREASURE

118 COMPANIES TO WATCH

ENTREPRENEURS 120 A GOLDEN AGE FOR ENTREPRENEURS America is in the mood to cheer for entrepreneurs. And an economy in its eighth year of expansion is producing rich opportunities for new businesses and creating sizable pools of personal capital to launch them. by Jeremy Main

121 WHAT IT TAKES

124 WHY FRANCHISING IS TAKING OFF

INNOVATION 126 PRODUCTS TO WATCH

SELLING 129 HOW THE GAP KEEPS AHEAD OF THE PACK Retailing is rocky these days, but this San Francisco superstar has bucked the trend by selling classic clothing for almost any body. A great ad campaign helps too. by Susan Caminiti

DEPARTMENTS 4 EDITOR'S DESK 6 INDEX 8 NEWS/TRENDS Bush faces a tax steamroller, the log cabin fad in Japan, management turnover at the nation's business schools, doing deals without investment bankers, jittery Tokyo stocks, Campeau and Chapter 11, and more.

17 FORTUNE FORECAST Call 1990 the year of the financial shape-up. Higher profits resulting from elevated prices will help companies repay debt and shore up capital spending. by Todd May Jr.

23 PERSONAL INVESTING FORTUNE's quarterly investment guide advises that it's no time to bail out of the stock market. On the other hand, shares are unlikely to move much higher soon. by John J. Curran

Also: Portfolio Talk with Graham Tanaka of Tanaka Capital Management.

38 LETTERS TO FORTUNE

133 FORTUNE PEOPLE The creators of portfolio insurance bring it back with added options, America's first all-sports daily kicks off, Morgan Stanley's major merger- maker goes it alone, and more. by Alan Deutschman

134 ON THE RISE

137 OTHER VOICES The time has come for Americans to increase investment in America, and that requires more taxes for the ''non-poor.'' by Herbert Stein

ABOVE: Wind turbines operated by U.S. Windpower in Altamont Pass, California, to produce electricity, photographed by George Steinmetz.

COVER: Chairman Richard Clarke of Pacific Gas & Electric, photographed by Blake Little -- Visages.