In the present-day knowledge economy the intellectual property regime plays a similar role as that of the the sixteenth century land property regime. Millennia of conflict over that land property regime, the associated rents, and the role it plays in determining the fate of countries have told us how important it is to have a regime in place that gets the incentives right. The same applies to the intellectual property regime, only on a larger scale: its features and quality are essential determinants of the pace of innovation and the distribution of its benefits both within and across countries.
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