Paper Topic:
business ethics
Running Head : Do Free Markets Need Intellectual Property There is no need for laws protecting intellectual property as free market theory suggests that free markets and not regulation produce the most efficient outcomes The first item that needs a clear definition is intellectual property According to the World Intellectual Property Organization (WIPO Intellectual Property (IP ) refers to creations of the mind inventions , literary and artistic works , and symbols , names , images , and designs used in commerce IP is further divided into two groups . The first group is industrial property , which includes
patents , trademarks , industrial designs , and geographic indications of source . The second group is Copyright which includes literary and artistic works . Examples of copyrightable material are novels , poems , musical works , paintings and recordings
These two groups are protected by various laws all over the world . In fact several treaties and conventions with several countries as signatories have only emphasized the importance of intellectual property protection . Some of these are The Berne Convention for the Protection of Literary and Artistic Works ' and The Paris Convention for the Protection of Industrial Property
As with any laws , intellectual property laws have both advantages and disadvantages . The main advantages are that without intellectual property protection the flow of intellectual creations , of whatever nature , whether industrial or copyright is immediately available for consumption of the general public . There will be no laws that protect the right of the creator to exclusive use of his intellectual creation This means that inventions will be immediately accessible to the...
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