Harriet Watt's career in journalism began in 1945, when she became business manager of TIME's Shanghai bureau. She did not last long. Nor did the bureau. As the Communist forces of Mao Zedong swept to power in 1949, Watt's TIME colleagues were evacuated to Hong Kong and she followed. The Communists were not sorry to see her go. Recalls Watt, now 70: "They considered me a running dog of the imperialists."
They misjudged her. Through eight publishers and seven managing editors, Watt has helped control the way we spend money and, for much of that time, played a major role in...
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