A Letter From The Publisher: Dec. 29, 1967

"THERE'S no business like global business" might be called the theme of this week's cover story on the expansion of American industry abroad. Traditionally, in this year-end issue, TIME presents a comprehensive view of major trends and portents in the economy. This year the spotlight centers on the dramatic internationalization of U.S. enterprises—the reshaping of American companies into complex supranational entities.

The cover story, written in New York by Spencer Davidson, drew heavily on reports filed from financial world capitals, where TIME'S reporters keep constant tab on economic developments. A principal pivot was Correspondent Robert Ball, who is based in Zurich but...

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