Question

Research intellectual property theft and discuss the relevance of intellectual property crimes and its hidden cost on American society

Answer 1

.Intellectual property protection is crucial in fostering international trade. In the Twenty first century, Businesses of all nations find themselves operating in an increasingly competitive global market. From 1880s to the 1980s, the United States had enjoyed the greatest competitive advantages for the pool of ideas that led to its industrial and technological progress. However today, the United States economy faces a strong competition from multiple organisations and enterprises which deal in cross national business ventures. It is in light of the developments in the neoglobalised era that businesses need to encourage and protect those ideas in the international marketplace more than before.

In this light, distribution of counterfeited goods and ideas or intellectual theft in the academic and business sectors has become a pressing issue in the American society. It is in this light that strong domestic and international protection of patents and trademarks is vital to the success of U.S. business. Intellectual crimes pose a direct threat to the transformational economic force of innovation. Innovation in the world of trade entails great costs, both for research about the idea but also for the subsequent investments that are required to manufacture and market
new products. Thus, the protection of these intellectual investments and assets are crucial aspect of developing a strong patent protection. An industry which is able to make effective use of patents is likely to ensure an increase in its exports and also increase the opportunities for foreign direct investment. Thus, a check on intellectual crimes is increasingly becoming essential to the expansion of U.S. domestic and international trade