Business cares about education standards because the well-being of their companies and every American is at stake. In the international marketplace, says former Lockheed-Martin chief executive officer (CEO) Norman Augustine, the United States is involved in a "battle of the classrooms." As a result, business leaders believe that standards are a sine qua non for addressing education problems and moving ahead. Standards express a clear mission for schools or unmask schools that are ineffective. In this article, the authors discuss why business backs education standards and standards-based reform. They describe the emergence of the new economy and refute some common misunderstandings about what is happening in the workplace and the job market. They argue from a business perspective that standards-based reform is the only approach that will prepare America's young people to compete economically now and into the future. Business leaders believe that higher academic standards can be used to drive other improvements, such as accountability and professional development. But to do that, standards must be transparent--well understood by teachers, parents, students, and the public. Comments by Alex Molnar and John H. Stevens are included. (Contains 3 figures, 3 tables, and 103 notes.)