FORTUNE Magazine contents page NOVEMBER 18, 1991 VOL. 124, NO. 12
By

(FORTUNE Magazine) – EXECUTIVE LIFE/COVER STORIES 70 MORALE CRISIS The people who used to be the brass's most reliable backers -- middle managers and other white-collar workers -- now feel disenfranchised and cynical. What's an employer to do? by Anne B. Fisher

83 CEOs THINK THAT MORALE IS DANDY Are there unhappy managers out there? Not at my company, says the typical corporate chief. But the top guys are trying to improve communication. by Anne B. Fisher

87 TAKE CONTROL OF YOUR CAREER Keeping your job has become a job in itself, as thousands of laid-off managers now realize. You can avoid joining them by making the right moves today. by Kenneth Labich

CORPORATE PERFORMANCE 99 THE BILL IS DUE AT AMERICAN EXPRESS Growth was so easy for the company in the 1980s that it lost touch with its customers. Now it must woo them back. by Bill Saporito

115 HOW DOES REED HANG ON AT CITI? The bad news keeps rolling in for America's biggest banking company, but the CEO says he's still the ''best guy'' to run Citicorp. by Carol J. Loomis

THE ECONOMY 127 LESSONS FROM THE RECESSION + It has laid bare the economy's strengths and weaknesses. Washington should work on those instead of promising quick fixes. by Rob Norton

DESIGN 140 OFFICE BUILDINGS FOR THE 1990s Architects have shifted from glitzy skyscrapers to sensible suburban complexes. Wise companies are putting up structures that help their employees work better. by Mark Alpert

MANAGING 153 'SUCCESS DEPENDS ON LEADERSHIP' At Union Pacific, Michael Walsh proved he knew how to run a railroad. Now he's trying to work his managerial magic on Tenneco, the unwieldy Houston conglomerate.

157 COKE'S PLAN TO PUMP UP THE VOLUME Coca-Cola has misstepped in the U.S. market. The company and its biggest bottler are betting on new managing and marketing talent to re-energize sales. by Patricia Sellers

POLITICS & POLICY 161 HOW GEORGE BUSH COULD LOSE The best hope for Democrats? An economy that turns out weaker in 1992 than most forecasters now predict. by Ann Reilly Dowd

TECHNOLOGY 166 TECHNOLOGY TO WATCH

SELLING 169 A BORING BRAND CAN BE BEAUTIFUL Most companies spend like crazy on new products. General Mills shows that greater profits can lie in rejuvenating old ones. by Patricia Sellers

COMPETITION 183 LET'S LEARN FROM THE JAPANESE They're in for the long term, and they band together in ways the U.S. forbids. Play the game their way, argues a top economist. by Lester Thurow

INNOVATION 188 PRODUCTS TO WATCH

MONEY & MARKETS 191 CAN YOU TRUST THAT AUDIT? The government doesn't. Here's what's being done to audit the auditors. by Rahul Jacob

THE SOCIETY 201 AMERICA WON'T WIN TILL IT READS MORE Reading is strongly linked to the skills every country needs to compete. by Stratford P. Sherman

DEPARTMENTS 4 EDITOR'S DESK 8 INDEX 12 NEWS/TRENDS America's next tax revolt: ''The movement is bubbling,'' Muscovites dine on the First Lady, how to beat Japan, whether car leasing will backfire, more pension cash goes overseas, the Nobel Prize's ups and downs, and more.

29 FORTUNE FORECAST Though some jobs are gone for good, employment will rise again. by Vivian Brownstein

Economic Intelligence: Arguing against a looming world capital shortage, and accounting for America's wage polarization.

37 PERSONAL INVESTING Boosting your yields with the new adjustable-rate mortgage funds. by Andrew Evan Serwer

Also: Growth at a discount at Commodore International, last-minute moves to lower your taxes, and Portfolio Talk with Lawrence Auriana of the Kaufmann Fund.

66 LETTERS TO FORTUNE

221 FORTUNE PEOPLE Wanted: an actor to play Henry Kravis, an American woman as a Japanese boss, a CEO at odds with the talent on Madison Avenue, a den of lawyers, and more. by Andrew Erdman

227 KEEPING UP A cop-out in Hollywood, on getting it, great moments in academic research, staying in bed in Sweden, and other matters. by Daniel Seligman

ABOVE: Ray Grassman (left) spent years getting a college degree to ensure his future -- then made a career move from Hillenbrand to Reynolds & Reynolds in Dayton. Photo by Rob Kinmonth.

COVER: Watercolor by Marc Rosenthal.