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How the World Trade Organization (WTO) Impacts Intellectual Property Rights - Essay Example

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How the World Trade Organization (WTO) impacts intellectual Property Rights Name: Institution: Global economics affects the decisions of firms, governments and individuals across the world. This is because economics is an essential function of society, which is interdependent on both the social and political functions of society (Kroll, 1999)…
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Download file to see previous pages Finally, economics affects the governments by determining a nation’s financial resources needed in the sustenance of the country’s requirements. The World Trade Organization (WTO) is an international body charged with the responsibility of regulating trade between the different countries engaged in trading activities. For example, the WTO standardizes trading policies by finding a common ground between the different domestic policies in existent, in the different nations (Kroll, 1999). Intellectual property rights are a crucial issue of contention between countries engaged in trading activities on an international level (Kroll, 1999). This is because of the differences in policies regarding the ownership and transference of this right from one person to another. The WTO continues to resolve disputes arising with regard to intellectual property rights by providing a standardized set of rules used in the judgment of these cases (Kroll, 1999). •Compare and contrast free trade and protectionist theories Free trade is a product of capitalism which replaced the once popular mercantilism (Craig, 1994). Through the recognition of individual rights to own and dispose of property, capitalism thrived. Capitalism allows for privatization of wealth and the subsequent reduction of restrictions on trade thus free trade (Craig, 1994). Free trade is an economic provision for exchange of goods and services without the intervention of the government especially in view of foreign trade. In this scenario, the traders utilize the principle of comparative advantage meaning both parties benefit from the trade interactions (Craig, 1994). Matters of guiding policies dictate that free trade ought to rely on supply and demand which governs the prices and availability of the goods and services (Craig, 1994). However, comparative advantage, demand and supply do not guarantee fair trade. Nonetheless, free trade is a charitable foundation on which competitive markets thrive. It is easy for states and individuals to accumulate wealth and gunner profits from exporting and importing when they practice free trade (Craig, 1994). Protectionist theorists, on the other hand, criticize capitalism and the principle of free trade. Like mercantilism, protectionist theories hold that the government’s control on the importation, exportation and other forms of foreign trade is imperative and extremely beneficial to the nation and individuals (Craig, 1994). Through policies such as tariffs, import quotas export subsidies and exchange rates; the government controls the processes of importation and exportation. Some states even impose embargoes on individuals and firms (Craig, 1994). These protectionist principles have one significant benefit. They favor domestic trade through increased domestic demand and expansion of domestic industries. Elements of protectionism also protect a state against predatory pricing and may subsequently lower the chances of inflation in an economy (Craig, 1994). In view of international trade, firms, individuals and governments prefer the distributional effect to the aggregate effect of a policy or strategy (Craig, 1994). When it comes to free trade, the result will be a net gain. On the other hand, restricted trade encompasses net loss. Therefore, most economies prefer designer strategies to a strictly outlined one. Free trade is the “ ...Download file to see next pagesRead More
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