Intellectual Property Rights and Folklore

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"Copyright is one of the three main branches of the traditional law of intellectual property, along with patent law and trade mark law. Overshadowed historically by the economic worth of patents and trade marks.."¹

In today's information and knowledge based economy, every knowledge tradeable is a potential resource for intellectual property rights (IPR). In fact, in the present global economy of ideas; ownership, control, and access to creative works and scientific knowledge have developed considerable economic importance through the IPRs, giving rise to fierce competition over intellectual and creative works, or what analysts describe as the "knowledge wars". Intellectual property is a legal concept which deals with creations of human ingenuity. Such creations, whether they be artistic works, such as music, books, films, dances, sculpture or photography; or inventions, designs or trademarks, are considered and protected as property for a certain period in time, provided that the creators meet a certain criteria, for example, originality, innovativeness or commercial use as defined by the relevant laws. Intellectual property has three customary legal domains: copyright (author's rights), patent and designs, and trademark besides geographical indications of goods.