CEOs must shape election year debate.

Most chief executives, traumatized by years of scandal, recession and stock market collapse, have chosen to scrupulously avoid the public limelight.

But the bad guys are going to jail and the economic cycle is turning. With the American political season getting under way, now is the time for CEOs to become more visible, in the right kinds of ways.

Although there are many different strands of the argument, the key issue for CEOs this election year is America's economic role in the world. Consider these potential flash-points:

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* Protectionism. The Bush administration did back down on imposing steel tariffs against several key trading partners, but it was a close call. Either party could attempt to position itself as defending steel or textile workers, or other constituencies.

* The dollar. It seems to be popular to drive down the value of the greenback with the idea that it will create more jobs and economic growth. But that could be dangerous to the long-term health of the economy. It could also send the wrong signal to the foreign governments that hold hundreds of billions of U.S. dollars in reserve.

* China. We've seen some China-bashing on the grounds that the Chinese aren't "playing by the same rules." Of course they're not playing by the same rules. But the U.S. engagement with China is arguably the most important economic relationship for the next 10 years. We shouldn't allow cheap politicking to sour U.S.-Chinese relations.

* Open borders and immigration. International businesses must be able to move people across borders with as few impediments as possible. The threat of terrorism has changed the nature of this debate somewhat. But as we are seeing in the debate over President Bush's proposed amnesty for illegal immigrants, some important constituencies want to close borders, not open them.

* Outsourcing. The trend toward moving service sector and technology jobs offshore appears to be gaining, not diminishing. The mainstream business media is just beginning to figure it out. If U.S. unemployment remains stubbornly high, "evil" CEOs who move jobs offshore could become targets.

* Taxation. One might not necessarily think of this as an international economic issue, but it is. The fact that taxes on capital and investment are relatively high will discourage both U.S. and non-U.S. companies and investors from putting their money here.

* Investment. There are many factors--such as tort laws, health care costs and educational levels--that affect where investments are made. Do Americans understand that in some ways, they are losing ground to places such as China and India?

Imagine, on any of these issues, that a President Bush or a Howard Dean bows to the wrong sort of political pressures. That could be dangerous because all these issues touch on whether CEOs will face new constraints or will be able to pursue winning global strategies.

The right way for CEOs to shape the debate is not just with money, hard or soft. What's even more necessary are thoughtful attempts to engage in dialogue, whether in speeches, reports or interviews. The point should be that the U.S. economic embrace with the world is working, over time, to create prosperity, not diminish it. The benefits of globalization are not being properly communicated.

If CEOs want to stem the possibility that American competitiveness will decline in the face of so many robust competitors, they should engage in the broader political debate on the basis of market-based principles, not just use the political system to pursue tax breaks and special favors. That reeks of hypocrisy and risks alienating the audiences that CEOs ought to be engaging.