STUDENT'S COVER PAGE
UNIVERSITY OF LUSAKA
SURNAME: MULENGA
FIRST NAME: BLESSING
STUDENT NUMBER: LLB21210133
PROGRAM OF STUDY: BACHELOR OF LAWS.
YEAR OF STUDY: 3RD YEAR,2ND SEMESTER.
COURSE NAME: INTELLECTUAL PROPERTY LAW.
COURSE CODE: L311
QUESTION
With the aid of examples, critically discuss how intellectual property can be
used as a tool for economic development.
This piece of writing will explain how intellectual property can be used as a
tool for economic development, with the aid of examples.
Every activity we do in our daily lives is in one way or another affected by
Intellectual property. The clothes we wear, the research materials we come
into contact with or refer to in the course of our study, the computers,
phones and other technologies are all products of intellectual property.
Intellectual property refers to the legal rights which results from Intellectual
creations in the industrial, scientific, literary and artistic fields. It consists of
creations that result from the human mind and intellect.
The industrial property branch of IP covers inventions and industrial designs.
Inventions are new solutions to technical problems.
Having understood what Intellectual property is and what it consists of, it can
be seen that these creations or innovations resulting from one’s own intellect
are capable of being utilized in a manner that could help with the economic
growth of developing countries.
IP rights encourage Innovation, entrepreneurship, and investment in research
and development. For example, South Korea’s emphasis on IP protection
helped drive its transformation into a technology powerhouse. Further,
strong IP protection affects foreign investment, as investors feel secure in
their intellectual assets. China’s improved IP environment has contributed to
its significant foreign investment inflows. Furthermore, the software industry
in India can be used as an example when highlighting the ability of
Intellectual property to create jobs and employment for individuals, in that
the software industry has generated millions of jobs.
In addition, industries in the United States that intensively use IP accounted
for 41% of domestic economic activity, or output, in 2019. That year, the IP-
intensive industries accounted for more than 47 million U. S. jobs. In addition
to these jobs, IP- intensive industries supported an additional 15.5 million
jobs in other industries that supply them intermediate goods and services. In
total, the IP-intensive industries supported 62.5 million United States jobs in
2019, or 44% of employment. This is according to a research report provided
by Intellectual Property and The U.S. Economy: Third edition. 1
IP can also contribute to revenue generation. For instance, the entertainment
industry in Nigeria, known as Nollywood, generates billions of dollars
annually.
1
Intellectual Property and the U.S. Economy: Third Edition
IP also promotes and encourages competitiveness. The industrial property
branch of IP includes protection against unfair competition, which is also
found in Part II of the Agreement on Trade Related Aspects of Intellectual
Property Rights (TRIPS)2. An example would be Samsung, which competes
with Apple in the production of phones, laptops and other devices.
The inventors of innovative products such as mobile phones, can obtain
exclusivity to use or prohibit others from using certain elements such as
trade secrets, through intellectual property protection. This gives them a
good and secure chance of competitiveness on the market and prevents
unfair competition by ensuring that other competitors do not exploit their
innovations in an unfair manner.
The relevance of the Patent system to business in countries can also be
highlighted, taking into account multinationals, small and medium-sized
enterprises (SMEs), which can benefit from accumulating IP assets and
engaging in IP licensing transactions. This activity can promote competition
and create profitable business opportunities that provide jobs, job training,
and human resource development, supply needed goods and services, and
increase business and individual income.
The patent institution is regarded as an effective way to stimulate
innovation, facilitate technology dissemination, promote trade and enhance
competitiveness (Idris , 2003)3. It is also necessary to point out the potential
value of newly recognized intellectual assets such as traditional knowledge
and folklore.
The creative incentive attribute of IP also protects inventors, creators or
innovators from free riders who might copy or reproduce their work at
minimal costs or no costs at all. IP promotes the economy by encouraging
the publication of information and widens the store of available knowledge.
For instance, details of patents are published and are available for
inspection. In due course, when the patent expires, anyone is free to make
the product or use the process.
In addition, an author or creator of work can participate in all economic
benefits realized from the use of his work. For instance, an author of a
certain book can decide to put the book on the market and gain some money
from the use of the book as a reward for his labor.
2
Agreement on Trade Related Aspects of Intellectual Property Rights
3
Idris (2003)
Intellectual Property also facilitates wealth creation and enables seamless
transactions via online channels. People who have invested in or created IP
have become the richest persons in the world. An example is Mark
Zuckerberg, the creator of Facebook which is still being used by billions of
people around the world and generates a lot of money from which he
benefits. The same Facebook app has now developed in such a way that
users can advertise their products and use it as a virtual marketing strategy
where sales and deliveries are made. This is an example of how IP enables
trade through online transactions. Further, When a company protects its
brand with a Trademark, it builds trust with its customers, making them more
likely to engage in online transactions. Copyright protects original content,
encouraging others to share their work online, leading to more transactions.
In conclusion, Intellectual property, such as trademarks, copyright and
patents have significantly boosted the economy by fostering innovations by
safeguarding Intellectual property, companies or industries are encouraged
and motivated to invest in research and development leading to the creation
of new products and technologies that drive economic growth and provide
jobs for individuals.
BIBLIOGRAPHY
REFERENCES
1. Intellectual Property and the U.S Economy: Third Edition.
2. Agreement on Trade Related Aspects of Intellectual Property
Rights
3. IDRIS (2003) on Intellectual Property as a tool for economic
growth
