(FORTUNE Magazine) – What grade will the economy earn this fall? The "V" some forecasters still confidently predict? Or, as most CEOs I talk to fear, a "U" for ugly? (Personally, I worry we'll end up scrapping this letter thing altogether; as my friend Ram Charan says, "This isn't a U--it's a bathtub!") The point is, those lazy August days at the beach or the lake are just memories; we're all back wrestling with budgets, rethinking strategies, and trying to stay ahead. Which means it's time for what we at FORTUNE refer to as our "back to school" issue. This one's loaded with stuff you'll find provocative, useful, and--because school can't be all work--just plain fun.

In tough times it still makes sense to pay attention to the little things, like looking sharp, eating well, and (if your bean counters will buy it) flying right. Those are some of the topics editor Erik Torkells tackles in his lively makeover of our annual survey "The Business Life." (Check out the sensible black dress and over-the-top shoes, above.) In our Investing section, reporter Janice Revell offers advice that a lot of folks will wish they'd brushed up on last year--how to know when to sell.

Rapidly shifting fortunes have dominated the headlines in 2001. For three fascinating variations on that theme, don't miss our latest tally of the 40 richest Americans under 40, Andy Serwer's remarkable dissection of insider stock sales at Internet flameout ICG, and Fred Vogelstein's report on Charles Schwab's new plan to get its mojo back.

Get ready for the biggest coming-out party in the history of capitalism. It should happen before year-end, when China finally joins the World Trade Organization. But don't celebrate too soon. As Asia editor Bill Powell (above) warns in "China's Great Step Forward," many Western executives blithely assume that China's ascension to the WTO will merely make it easier for them to tap into a vast new market. It may--but the risks of backsliding are huge. (Example: WTO-sparked restructuring alone could throw 25 million Chinese out of work by 2005.) Even if all goes well, the far more efficient China that emerges in the decade ahead is sure to spawn fierce new competitors that will rewrite the economics of dozens of global industries.

America's most admired CEO has finally hung up his spurs. Happily, our cover package features an interview with Jack Welch and an excerpt from his widely anticipated look back at his remarkable career. Plus, Jerry Useem got Jeff Immelt to talk about what's next for GE. Who better to go to school on in tough times than the man who built the world's most valuable corporation and the guy now charged with keeping it that way?