The Economic Role of Intellectual Property in the New Global Economy

Running Head : Intellectual Property

Intellectual Property : Its Economic role in the new

Global Economy

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I . Abstract The first part of this work focuses on intellectual property , its definition , its role in society and the things which it brings along on its wake . This work also contains some explanations as to why intellectual property must be protected to ensure the economic development of an enterprise , why and how it affects world economy and some recommendations as to what things are needed to be accomplished in

for it to thrive . The second part contains some analysis and examples which illustrates as to how rights to intellectual property affect an industry 's growth and its impact on the economy of the country affected . Lastly , this works also contains some recommendations as to what the international community needs to do in to ensure the growth of investments into thriving enterprises

II . Introduction

Intellectual Property has a significant role in maintaining in the global economy . New products are appearing left and right as a result of man 's resourcefulness , all of it are modified versions or upgraded versions of a previous prototype . It is perhaps man 's nature to perpetually seek to undo what he has contrived in the past either for his comfort or simply to prove that he has better intellectual faculties than another . This unquenchable thirst to make better things ' or to make new ideas ' is the driving force which led to the concept of Intellectual property . The scope of Intellectual Property is very broad , it may cover both tangible and intangible things , the only requisite being that it should be a thing conceptualized by the human mind or human hands . Intellectual property plays an important role in an increasingly broad range of areas , ranging from the Internet to health care to nearly all aspects of science and technology and literature and the arts . There are two known categories of Intellectual property namely : Industrial property , which includes inventions (patents trademarks , industrial designs , and geographic indications of source and Copyright , which includes literary and artistic works such as novels , poems and plays , films , musical works , artistic works such as drawings , paintings , photographs and sculptures , and architectural designs . Understanding the role of intellectual property in these areas - many of them still emerging - often requires significant new research and study . Because of this practically broad subject line , It has become necessary for man to regulate its various forms

The Unquenchable thirst of man to make or modify things made Intellectual property a major factor in day to day business decisions The influx is very immense , making it quite necessary for man to come up with something to govern this large torrent of ideas in to avoid unfair and unethical work practices . The said balance which governs man and his urge to create , is what we now term as intellectual property law

Intellectual property law is defined as the legal regulations governing an individual 's or an...