This issue's editorial is a reprint of the keynote address given by Michael Goldstein at the Computer Aided Gear Design Seminar held at the University of Northern Iowa, Cedar Falls, IA on November 9, 1987.

A medieval philosopher once said that if he knew for certain the world was to end tomorrow, he would be sure to take time to plant an apple tree in his garden today. The recent events in the world financial capitals have seemed a bit like prior notice of something cataclysmic, but like the philosopher, we can still find some reasons for hope in the face of an uncertain future. The good news for our industry is that four important efforts on the part of various organizations promise to have long-term positive effects on both the gear and machine tool businesses.

How is it that we woke up one day in the early 1980s to find that apparently American industry was suddenly inefficient, our workforce unproductive and our management inept? Almost overnight industry found its sales dropping dramatically, while for many companies foreign competition became excruciatingly intense. This sudden change in the economic climate proved fatal for many companies and has been nearly as hard on our collective morale. In a country used to winning, we began to hear ourselves talked of as losers.

It is with great anticipation that we move closer to AGMA's Fall Technical Conference and Gear Expo '87, which is being held on Oct. 4-6 in Cincinnati, OH. This bold undertaking by both AGMA and the exhibitors in the Expo's 160 booths is an attempt to make a major change in the industry's approach to the exposition of gear manufacturing equipment. By combining the Expo with the Fall Technical Conference, those involved in gear manufacturing will have the opportunity to review the latest equipment, trends, and most innovative ideas, while keeping up with the newest technology in the industry.

A commitment to boost United States' industrial competitiveness in future years must strike beyond legislative action and economic debates.

"Competitiveness" is the newest corporate buzzword. It is being offered as the solution to all our economic problems. Newspapers, magazines and legislation are pushing us to be more "competitive."

As the time came to write this editorial, the replies to our survey from the last issue were just starting to pour in. We were gratified by the number of responses we received and by the amount of time many of you spent answering in great detail the text questions on the survey. Because of this unusually large response, it will take us some months to log, digest and respond to all the data. Thank you for this nice "problem."

As Gear Technology moves toward its third anniversary, we feel that we have reached a point in our development where it is time to pause, reflect on our accomplishments and plan for the future.

A change has taken place within the industry that is going to have an enormous effect on the marketing, sales, and purchasing of gear manufacturing and related equipment. This change was the American Gear Manufacturers' Association, first biennial combination technical conference and machine tool minishow.

Now that the new tax bill has been passed, the time has come to begin evaluating how it will affect investment strategies in the machine tool business. Your first reaction may be to think that any motivation to invest in capital improvements in your company is gone, because both the investment tax credit and the accelerated depreciation on capital investment have been removed from the tax law. After all, if Uncle Sam is not going to help us out through some short term tax gains, why should we bother? Can we afford to bother?