Happy World Intellectual Property Day!
It’s no secret that private property rights constitute a natural human right, as well as the foundation for prosperity and innovation across time and geography. And among the forms of private property, it’s important to recognize that intellectual property (IP) constitutes a core component.
For proof, look no further than the U.S. Chamber of Commerce’s annual International IP Index, which year after year confirms the cause-and-effect relationship between IP protections and prosperity:
The most up-to-date data on the benefits of IP protection reveals that IP is, in fact, a critical instrument for countries seeking to enhance access to innovation, grow domestic innovative output, and enjoy the dynamic growth benefits of an innovative economy. Conversely, weak IP protection stymies long-term strategic aspirations for innovation and development.
Taken together, the 21 correlations included in this Index present a clear picture: IP protection goes hand-in-hand with the aspirations topping government agendas around the world. As Table 1 suggests, a robust national IP environment correlates strongly (having a strength of 0.6 or above) with a wide range of macroeconomic indicators that fall under the umbrella of innovation and creativity – the very same indicators that are found in national strategies for development of many economies today. This message has only become stronger over the past 3 editions of the Index. Adding several new variables each year and expanding the sample size by 50% (from 30 to 45 economies), the strength of the relationship between IP rights and crucial economic activities has grown.”
And nowhere is that relationship more obvious than in the United States. Our Founding Fathers believed so strongly in IP rights as a natural right and a foundation for prosperity that they specifically protected them in the text of the Constitution. And since that time, America’s world-leading tradition of IP protection has made us the most inventive, creative and prosperous nation in human history, without any proximate rival in that regard.
In an increasingly globalized economy, it’s important that we celebrate IP and ensure that more of the world protect it in the way that America has. So join CFIF in celebrating World IP Day today!