The Importance of Intellectual Property Value in American Business

2268 Words Feb 7th, 2018 9 Pages
Businesses are now attempting to penetrate foreign markets which are unique in their laws, customers and beliefs. As such, it is important for business to protect the intellectual capital that made their operations thrive and flourish. It is the nature of capitalism to copy or mimic successful products. It is when companies outright copy a trademark or patented process that complications arise. Intellectual property is no different in this regard. China specifically, has been notorious for infringing on American companies intellectual capital. WIPO defines refers to counterfeiting as "infringement on trademarks," and piracy as "infringement on copyright or related acts (Jacobson, 2008)." 5 to 7 percent of all world trade is comprised of piracy and counterfeiting. Piracy rates within China were at an alarming 92% ( Cheng, 2011).Nearly 1.3 Billion people now live in China, of which approximately 90% of them pirate software or commit other versions of cybercrime against intellectual property. The likelihood of actually getting caught for this offense is unlikely due in part to the sheer volume of citizens within the country. Would it be practical or even worthwhile to catch every small business counterfeiter within China? If so, what is to prevent another person from committing the same offense? With the ease of access to technology, I believe that literally any one of the 1.3…
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