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Intellectual Property Rights - Essay Example
This essay first describes the meaning and importance of International property rights. In addition, it then discusses the major aim which was meant to be achieved by setting up IPRs around the world. The essay further describes the major changes in IPRs' motives and its negative impacts…
A considerable portion of the essay discusses the policies of the two countries and explanation is provided about the differences between their IPR's policies.
Intellectual Property is defined by World Intellectual Property Organization (WIPO) as the conceptions, formations and creations of the human mind. Intellectual property rights protect all such information and ideas as the intellectual assets for a particular economy. Since the ownership of such assets is acknowledged these assets are also known as intellectual properties. The economic returns on the intellectual property is dependent upon its demand to potential customers, cost of their formation, the place where they are sold and the permission rights for the owners to control it. And similarly the authority which provides this control is Intellectual Property Rights. The intellectual Property rights are classified into two categories i.e. Industrial Property and Copyright. Industrial property saves inventions. They take in patents, trademarks, industrial designs, and geographic indications of source. Copyright shields literary and artistic creations for example works of fiction, poetry and plays, movies, novels etc. ...