Twenty-First Century Pirates
Case Questions
P2-1 How important is intellectual property to the world economy?
Entrepreneurs, artists, and investors have been hurt by inadequate enforcement by many
countries of laws prohibiting illegal usage, copying, or counterfeiting of intellectual property.
Intellectual property is important for each country in the world. Intellectual property will
increases the profit of the firms in a long term due to exclusive right for them to produce and
sell the product by using their own patents, trademarks, and copyrights. Intellectual property is
important to the world economy because consequences of compete in world markets, it will
increased levels of illegal product piracy. Intellectual property contributes enormously to our
national and state economies. Most of industries across our economy rely on the adequate
control of their patents, trademarks, and copyrights, while consumers use intellectual property
to ensure they are purchasing safe and guaranteed products. Enforced intellectual property
rights ensure products are authentic, and of the high-quality that consumers recognize and
