as heavy industry plays a lesser role. The modern automobile uses 600 pounds less steel than it did in 1976. There is very little steel in a micro-chip. The steel industry is not the United States' only problem or even its most serious. Other "smoke-stack industries" are smarting. Some are dying, some are dead - sometimes by self-inflicted wounds or their own hand - but many are simply caught up in the dynamics of change. Anticipating change and coping with change are the essences of skilled management. If you fail, you get run off the road. If you succeed, you put your enterprise on the path to progress. Changes are shaking and reshaping the private sector. To mention a few, a more affluent society can buy more of what it wants rather than just what it needs. Households with more than one wage earner have different life styles and different demands for goods and services. Markets show increasing signs of polarization with strong demands for products priced at the high end and the low end but diminished demand in the middle ranges. Insistence on value and quality is on the increase. Services take a greater share of the consumer's dollar. Nor does the consumer insist that goods bear the label "Made in the U.S.A." or by union labor. Just as the markets are changing, so is the business environment. We are playing by new rules. As certain industries are entirely or partly deregulated, new players enter the fray. Anti-trust policy has discarded the long-held belief that "bigness per se is evil" and has permitted mergers and acquisitions of large companies that is changing the structure of American industry and rationalizing it in ways that could make it much more efficient. In many cases it seems 7