what are the tensions in the economic sphere?

• what does patent mean?


  Exclusive right, a label
• what is intellectual property?


  creations of the mind, such as inventions, literacy, and artistic works, designs, and symbols, names, and images used in commerce
• what does intellectual property do?


  protected by law, for example, patents, copyright and trademarks which enable people to earn recognition or financial benefit from what they invent or create.
• how many pirated or counterfeit goods were seized in 2013, from China?


  88.3 thousand
• why are pirated or counterfeit goods on the rise?

  ease of production and cheap costs

  can be sold online -> people can't check realness online
• what is the problem with intellectual property?


  if people steal ideas, IP can only be sued in state

  -> thats why its hard to sue Chinese fake products
• T/F - the value of cross-border trade in fakes is rising and worth a lot of money. this is projected to cost more in future


  TRUE

  2008 - cross border trades $250 billion and was 1.8% of all traded goods.

  projected 2013 - fakes worth $461 billion and will be 2.5% of all traded goods.
• T/F China and Hong Kong do not make counterfeit goods


  FALSE

  86% of traded counterfeit goods are made in China or Hong Kong
• T/F there is a vast difference in price between real and fake goods


  TRUE

  channel $14 fake bag vs real bag $4,000
• what is the IACC?


  a partnership between online retailer and anti-counterfeit group
• T/F - fakery can be dangerous?

  TRUE

  1995 -> fake meningitis vaccine caused 2500 deaths
• T/F - not many companies will take out lawsuit against intellectual property right theft and forgery


  TRUE

  its hard for china's companies to be sued as its private companies vs chinas government