Intellectual Property (IP) laws grant creators and inventors exclusive rights over the use of their creation for a certain amount of time.
Areas of life that are associated with IP rights include: music, literature, art and scientific discoveries, inventions, words, phrases, symbols, and designs. At its core, IP is a system of permission-based restrictions. Through this law, inventors are able to control the use of their inventions.
Intellectual Property Rights (IPRs) protect individual and industrial inventions. IPRs cover:
Ideally, the IP system increases the incentive to create and share while simultaneously serving the public interest. When it comes to scientific research, IPRs increase the incentives for investigation and thus encourages more creativity and innovation. However, the global privatization of native resources contributes to the exploitation and extinction of indigenous populations.References: What is Intellectual Property? World Intellectual Property Organization. Retrieved 09/22/2011
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