Protectionism Won't Protect Us

Psst. Want the secret of business success? It's easy: high productivity and low inflation. That's the overwhelming message emanating from the fourth-quarter earnings reports of 900 companies on BUSINESS WEEK's Corporate Scoreboard. Just when Wall Street feared that the economic party was over because of Federal Reserve monetary tightening in 1994, profits leaped 71% in the fourth quarter. For the entire year, profits were up 41%--the biggest increase since BUSINESS WEEK began compiling data in 1973.

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