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Patent law is crucial to encourage technological innovation. But as the patent system currently stands, diverse industries from pharmaceuticals to software to semiconductors are all governed by the same rules even though they innovate very differently. The result is a crisis in the patent system, where patents calibrated to the needs of prescription drugs wreak havoc on information technologies and vice versa. According to this book, courts should use the tools the patent system already gives them to treat patents in different industries differently. Industry tailoring is the only way to provide an appropriate level of incentive for each industry. The authors illustrate the barriers to innovation created by the catch-all standards in the current system. Legal tools already present in the patent statute, they contend, offer a solution—courts can tailor patent law, through interpretations and applications, to suit the needs of various types of businesses. This book will be essential reading for those seeking to understand the nexus of economics, business, and law in the twenty-first century.

In an era when knowledge can travel with astonishing speed, the need for analysis of intellectual property (IP) law—and its focus on patents, trade secrets, trademarks, and issues of copyright—has never been greater. The book probes two major issues: the effect of IP law on innovation itself and the effect of IP law on the international diffusion, or sharing, of technology. Discussing a range of inventions, from the AK-47 rifle to the B-29 Superfortress bomber to the MQ-1 Predator drone, the authors show how IP systems (or their lack) have impacted domestic and international relations across a number of countries, including the United States, Russia, China, and South Korea. The study finds, among other results, that while the open nature of the IP system may encourage industrial espionage like cyberwarfare, increased state uptake of IP law is helping to establish international standards for IP protection.