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Trade Secrets by Tricia Bisoux source steel and iron only from U.S. manufacturers, inspired many critics to cry foul—none so fervently as Caterpillar's chief executive officer, Jim Owens. It's true that Caterpillar has W a great deal to lose if protec- tionist legislation takes hold. After all, more than 60 percent of the equipment Caterpil- lar manufactures in its Illinois plants is exported overseas. If other countries were to retali- ate with their own protection- ist legislation, Owens argues, it could cost the U.S. more jobs than it saves. "The U.S. makes up only 5 percent of the world's popula- Free trade will be fundamental to every country's economic growth, says Caterpillar CEO Jim Owens. As products and services increasingly cross international borders, he stresses, business students must prepare for careers that span the globe. tion," says Owens. "If we don't force our companies to compete with the best companies in the world, we'll be a third-rate coun- try 50 years from now." Free trade, he adds, is the surest means to national and global prosperity. His message is being heard, even if it may not yet be heeded. In February, Owens was one of 16 business leaders invited to serve on President Barack Obama's Economic Recovery Advi- sory Board. In May, he testified before the U.S. Senate Finance Committee to support a trade agreement between the United States and Panama. 20 BizEd SEPTEMBER/OCTOBER 2009 hen the U.S. Congress included a "buy American" provision in its $787 billion stimulus package in February, it sparked a heated debate. The provi- sion, which requires stimulus-funded projects to