Over the next decade, we believe the profitability of all West Virginia businesses will be impacted by entrepreneurial energies abroad that are fueling the creation of a new global middle class. This workshop will help all West Virginia business owners, professionals, and executives — even with no export business or foreign suppliers — understand why future practices to make and manage money right here in West Virginia will need to differ from the practices that have worked in the past.

3. World GDP and Population Source: Bradford J. DeLong, Estimating World GDP, One Million B.C. – Present, available via the internet at http://econ161berkeley.edu , as reported in by International Monetary Fund, World Economic Outlook, Asset Prices and the Business Cycle, May 2000.

4. Average U.S. Household Income 1914-2004

6. Real Average Hourly Earnings Source: Federal Reserve Bank of Atlanta

7. Rising Home Size and Declining Household Size, 1975-2009 Source: The Economist , 3-31-2010 Source: The Economist , 9-30-2010

8. Unsustainable Sources of Baby Boomer Spending Source: FRB, JP Morgan Asset Management. Data includes households and nonprofit organizations. Personal savings rate is calculated as personal savings (after-tax income – personal outlays) divided by after-tax income. Employer and employee contributions to retirement funds are included in after-tax income but not in personal outlays, and thus are implicitly included in personal savings. Savings rate data are as of February 2011.*1Q11 Household Debt Service Ratio is JP Morgan Asset Management estimate. All other data are as of 4Q10.

9. Business Borrowing Binge Source: The Economist , 10-7-2010

11. Share of World GDP Source: IMF *At purchasing-power parity, 2006 estimated

12. U.S. Still Has Competitive Advantages Source: The Economist , 3-13-2010

13. U.S. Still Has Competitive Advantages Source: The Economist , 1-27-2011

17. Local Opportunities & The Rise of Global Capitalism Russell S. Sobel, Ph.D. Professor of Economics James Clark Coffman Distinguished Chair West Virginia University

18. What Explains Prosperity? Is it Resources? Location? Democracy? Or ……

20. Rankings of Reliance on Capitalism

23. And They are Better: Our Showers

25. Our Phones

26. Our Entertainment

27. Our Science

28. Our Computers MacBook Air Least expensive- 11-inch, 64GB, $999.00 Most expensive- 13-inch, 256GB, $1,599.00

29. Our Video Games

30. From Pong to Rock Band

31. Our Medicine U.S. Life Expectancy has risen from 48 in 1900 to 76 today

32. Our Music

35. 1975

36. 1980

37. 1985

38. 1990

39. 1995

40. 2000

41. 2005

42. 2008

43. A Quick Tour of The World

44. Map of Economic Freedom

46. Zimbabwe (in Africa)

47. Families in Zimbabwe (Africa)

48. Families in Zimbabwe (Africa)

50. Romania (in Europe)

51. Families in Romania (Europe)

52. Families in Romania (Europe)

53. Families in Romania (Europe)

54. Families in Romania (Europe)

55. Families in Romania (Europe)

56. Families in Romania (Europe)

57. Families in Romania (Europe)

58. Families in Romania (Europe)

59. Families in Romania (Europe)

61. India (in Asia)

62. Families in India

63. Families in India

65. Mexico (in North America)

66. Families in Mexico

67. Families in Mexico

69. Hong Kong (in Asia)

70. Families in Hong Kong

71. Families in Hong Kong

72. Families in Hong Kong

74. United States (in North America)

75. United States (in North America)

79. Thank You / Q&A Contact Information: Russell S. Sobel, Ph.D. Coffman Distinguished Chair Dept. of Economics, WVU [email_address] (304) 293-7864