Document Type

Article

Publication Date

9-18-2022

Abstract

The focus of this paper is not on how intellectual property owners can misuse intellectual property rights in harmful ways in society. Much has already been written about that topic. Instead, this paper is about how to encourage intellectual property owners, especially corporate owners, to make decisions and implement strategies about their intellectual property rights that are socially valuable and positively impactful. This paper argues that if corporate and business owners of intellectual property understand the role that their intellectual property rights can have in creating a positive social impact, the influence that they can have in the market as a result, and what that means for their business, they would pay more attention to how their use of intellectual property impacts society and the planet. This essay unfolds in three parts. Part I is normative and argues that companies and businesses should care about the impact their decisions and business practices around intellectual property have on society because their purpose, as a business, extends beyond shareholder wealth maximization. Businesses need to also care about the impact they have on society and the planet. Part II is prescriptive and discusses how the legal system can create the right conditions that make it economically efficient for businesses and companies to decide to do good with their intellectual property rights and create an impact that benefits their communities and stakeholders. This paper argues the law should create conditions that enable and empower companies to make positive uses of their intellectual property above incentivizing or punishing specific behaviors. Part III lays out the practical steps legal systems can take to allow companies and businesses to make socially valuable business decisions in how intellectual property rights are used and implement them more easily. This paper concludes with the idea that socially valuable intellectual property has a more direct impact on patents and copyright's constitutional purpose of promoting progress.

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