Steve Forbes, Editor in Chief of Forbes

This is a partial transcript from Your World with Neil Cavuto, December 5, 2002, that was edited for clarity. Click here for complete access to all of Neil Cavuto's CEO interviews.

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NEIL CAVUTO, HOST: We should be telling you some big developments going on in the world of Forbes magazine, right now, you wouldn't believe it. A big issue is out right now celebrating its 85 years in publishing existence, and it lists some of the big ideas over those 85 years. And some of them are eclectic to put it mildly. The man to runs that magazine, the Forbes in Forbes, Steve Forbes joins us right now.

Good to see you, Steve.

STEVE FORBES, FORBES: Good to be with you, Neil.

CAVUTO: Now you had all these great ideas, 85 of them, and I picked out the ones that I readily agree with you, were noteworthy. One that I think right now is the sneaker, you put that right away, kicking things off.

FORBES: Came in 1917. And I think it shows in this economy, we invent things, come up with things that you didn't even know you needed. Can you imagine not having sneakers, or the equivalent today? All these athletic shoes, $17 billion industry. It came out of a somebody thinking why not use rubber for shoes, and voila.

CAVUTO: I was wondering, what were kids doing before then back in those days?

FORBES: Getting a lot of calluses.

CAVUTO: They were getting a lot of calluses, right. Now another one, and this one I can relate to, frozen foods. That was a big deal.

FORBES: A fellow named Clarence Birdseye, saw that if you froze food in a certain way, you could preserve its flavor. And he took it from there. He was a dropout from school, and voila, created another huge industry. In fact, for years Birdseye was a real part of American life. The brand has gone away but certainly fast foods and frozen foods haven't.

CAVUTO: Absolutely. I swear by them. Television. Now that, of course, we're just talking about Roone Arledge, how he changed the face of television. But television itself coming in.

FORBES: Fellow who gets the credit for that, Philo Farnsworth invented the thing, made the great breakthroughs in the 1920s as fairly young man, never got rich off of it. And we have an article in that same issue that often the pioneers take the arrows, clear the way, but they don't make the big money on it.

CAVUTO: They don't make the finished product, that's right. Just like the Japanese with the VCR and all that. You had another listing. This is where it got eclectic for me, United Auto Workers, why are they in that group?

FORBES: Because I think it demonstrates the difference between our labor unions and what you see in Europe and elsewhere. Walter Reuther made the decision, instead of just having a political movement, he was going to try to improve the working conditions of the workers. He in effect invented modern collective bargaining at a time when it could have gone a violent different direction. So, that is why many union members do very well in this country. They decided, bring home the beef, leave the politics. They get involved in politics, especially this crew, but he decided workers first.

CAVUTO: Let's take a look at this second list here. And I just want to pick one item that sort of stood out here, but in the end you still say the Internet itself, despite all the bludgeoning Internet stocks have gotten, still was a valuable and big development.

FORBES: Fantastic. And what it underscores is that even though you have these of busts in bubbles and all that sort of thing, the technology continues to move forward. Just look at the automobile industry. We've got over 400 different automobiles manufacturers in America, you have about 2 1/2 today, but, there is no shortage of cars, SUVs, breakthroughs and the like. And the same is true of Internet, came out of a military need, now has a flourishing in civilian life.

CAVUTO: Steve Forbes, always good seeing you. Magazine is out on newsstands right now.

FORBES: Thank you, Neil.

CAVUTO: Eighty-five years. Well, you don't look 85.

FORBES: You look 25.

CAVUTO: There you go. You're coming back, you're coming back.

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