The modern globalised economy paved way for the emergence of new IPRs. Do you agree? Critically comment.
Intellectual property rights could play a significant role in encouraging innovation, product development, and technical change. Developing countries tend to have IPRS systems that favor information diffusion through low-cost imitation of foreign products and technologies. This policy stance suggests that prospects for domestic invention and innovation are insufficiently developed to warrant protection. However, inadequate IPRS could stifle technical change even at low levels of economic development. This is because much invention and product innovation are aimed at local markets and could benefit from domestic protection of patents, utility models, and trade secrets. In the vast majority of cases, invention involves minor adaptations of existing technologies and products. The cumulative impacts of these small inventions can be critical for growth in knowledge and productive activity. To become
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