A development agenda for intellectual property in an era of legal monopolies

Abstract

The twenty first century will undoubtedly be known as the century of knowledge, indeed the century of the mind. Converting knowledge into wealth through the process of innovation and applying that wealth to advance social good arguably determines the economic success of a nation. A nation’s ability to maximise its resources through the development of production techniques and new products cannot be underestimated in terms of increasing the level of welfare for its population. One type of institutional arrangement for the generation of economic growth is intellectual property rights (IPRs). Intellectual property (IP) protection expresses the legal benefits of ownership over knowledge through the ability to charge rent for its use; receive compensation for its loss; or indeed payment for its transfer. The aim of this paper is to examine the recently adopted Development Agenda (DA) by the World Intellectual Property Organisation (WIPO) in light of recent developments unfolding in the global IP system. Arguably the current application of a universal IP system runs counter to the development objectives of the United Nations (UN). This paper will refer to some of the issues pertaining to IPRs and their impact on a state’s ability to provide the essentials of life for its population. This area of research has received unprecedented attention over the last thirty years ever since acquiring knowledge and transposing it into a legal right was recognised as a means of spurring innovation enhancing a competitive environment for economic development to take place.