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Takes a serious look at the fashion industry and suggests that not so subtle bribes are offered to fashion editors by designers. Quotes from a former fashion-magazine editor; The cashmere sweaters that were given away by Tse Cashmere when they opened a Madison Avenue boutique; The goods that fashion editors are offered.

Profiles Donna Karan and her Seventh Avenue business, which is clearly modeled on Ralph Lauren. The only female interloper in the all-boys club of leading US designers, Karan, 44, has shaped a distinctively comfortable sexy style and a full-line apparel conglomerate. Her exploding DKNY division; Her gift of making wearable, flattering clothes for real women, designs that work as well for size 10 as a size 6; Her lifetime on Seventh Avenue; Her golden commercial touch.

Surveys the current state of the US economy, and suggests it needs substantial, structural changes to restore lasting prosperity, focusing on a dramatically improved infrastructure and educational system. Results of a `Time'/CNN poll; Effects of the election year on quick fixes: cosmetic surgery; Stimulating private research and development into new technologies; Defense windfall; Risk of inflation.

Analyzes the $2.7 billion write-off by Sony Corporation of America, the latest in a series of setbacks for Japanese firms in the United States. Sony's $5 billion purchase of Columbia and TriStar Pictures in 1989; Comment by Sony's Tsunao Hashimoto; Matsushita; Mitsubishi; Minoru Isutani Group.

Reports representatives of South Africa's political parties, black and white, have agreed to create a 20-member, multiracial, multiparty transition council to supervise the existing government until free elections are held on April 27, 1994. Black South Africans given a measure of power and legitimacy within the country's political system; African National Congress will call for termination of international economic sanctions; Call for massive investment.

Considers the conflicting visions of the North American Free Trade Agreement, which when approved, will mark a dramatic turn in the history of the continent: it will formalize a grand economic alliance and reshape the way North American business is done. Rolling back as many as 20,000 separate tariffs over the next 10 to 15 years; Steps to diminish nontariff barriers, such as dairy and cotton quotas; Labor leaders fear pain; Effect on global economy.

Surveys current resentment across America against Japan, fueled by the seemingly endless recession and comments by speaker of Japan's House of Representatives Yoshio Sakurauchi that the `American worker doesn't work enough' and `about one-third can't even read.' Japanese ambivalence about escalating tensions with America; Latest trade statistics; Exclusionary distribution systems; Economic linkage. INSET: Roiling the waters: Calming the waters..