Intellectual property rights give the owner of that property the exclusive right to use.
This creates monopoly where owner of the property allow others to use it for payment or fee.
The protection of IR is designed to ensure that inventors who invest their money and time in creative activity receive a return on their investments. This monopoly power generates monopoly rent and it is these profits that provide the incentive for engaging in further research to keep hold of the monopoly.
Economy efficiency means knowledge should be made freely available, but the IR regime is intended to restrict usages. Somewhere this has definitely impaired the leverage of globalisation.
The role of developing nations
The fundamental criterion for a free market is the equal availability of information to all participants. But with the use of IR, information is packaged and sold as commodities and free market becomes the casualty. When two economies of uneven stages of technological development trade bilaterally, the trade surplus always remains in favour of advanced economy unless the trade negotiation is thought through by less advance economy.
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