Monday, August 15, 2011

The new capital? How and for whom?

Humankind that gone from real estate & farming land Capital to monetary Capital and now to patent & copyright (intellectual) Capital.

The US did not manage to convince the WTO members to do an agreement on it and tried in a much smaller ad-hoc group with the EU, Canada & 1-2 more (ACTA).

Will this new form of capital be the cause of future friction between countries?

In principle, intellectual capital (and intellectual goods) are one way for the US and EUrope to be able to compete in the international trade game. The other is to erect fortresses in manufactured goods trade. Many services are or can be traded (after all tourism related services count as exports ie they bring revenue to an economy that are equivalent to the one from export of goods).

But what types of "intellect" or "great matter" intensive goods (as opposed to labour or monetary capital) can act as an adequate basis for a modern economy? Can eg an economy live & prosper by producing music, films, TV series, pop art and pop culture, ibn addition or instead of more traditional forms such as traditional R&D "products" (high tech etc)?


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Nick

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