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America's Inventive Spirit: Focus On The Different Types Of Intellectual Property And The Impact Of Counterfeit And Thief Of Intellectual Property Has On Our Economy.

2844 words - 11 pages

Today, America's inventive spirit is one of our most treasured and envied assets. Every year, millions of Americans create original works - books, music, research and other forms of creative expression. All of these creations are intellectual property. Throughout history, inventions have helped people discover new worlds, build communities, develop resources, increase productivity, cure diseases, ease burdens, and enjoy life to the fullest. U.S. Under Secretary of Commerce for Intellectual Property, Jon Dudas said, "Intellectual property has become the engine that drives the American economy". Our Nation's founders recognized the importance of intellectual property to protect the rights of inventors and included provisions for them in the Constitution, therefore protected by constitutional laws. New inventions lead to new technologies, create new jobs, and improve our quality of life. Government protection in the form of Intellectual Property Rights encourages investing in research, which helps our nation. Focusing on the different types of intellectual property and the impact of counterfeit and thief of intellectual property has on our economy, will help us as a nation thrive towards a more rewarding future.Intellectual property, often known as IP, is intangible property that is the result of creativity developed by the use of one's mind, using the creative juices flowing through a person's brain, producing some sort of eloquent form of innovative design. As defined by Article 2, section (viii), of the Convention Establishing the World Intellectual Property Organization, done at Stockholm, July 14, 1967, "intellectual property" shall include the rights relating to: literary, artistic and scientific works, performances of performing artists, phonograms, and broadcasts, inventions in all fields of human endeavor, scientific discoveries, industrial designs, trademarks, service marks, and commercial names and designations, protection against unfair competition, and all other rights resulting from intellectual activity in the industrial, scientific, literary or artistic fields." (StopFakes). Intellectual property is useful information divided into artistic property and industrial property. Intellectual property rights provide people with control over ideas or information embodied in a valuable form of protection. It plays a major part in our modern business environment and becomes an increasingly valuable asset for establishing competitive advantage in all types of business. Currently many businesses dedicate as much attention to their ability to innovate, their strategy and creativity as they dedicate to their financial assets. This explains why businesses are so keen to protect these assets. Large companies, like IBM for example, have been granted over 2,800 patents. A Mass amount of money is spent yearly tracking these activities and if infringement occurs, wasting time and more money on court proceedings. Political pressures can also arise,...

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