Saving Capitalism, by Robert Reich: on Technology

Robert Reich: Most important form or property now is intellectual property

• PROPERTY: what can be owned
• MONOPOLY: what degree of market power is permissible
• CONTRACT: what can be bought and sold, and on what terms
• BANKRUPTCY: what happens when purchasers can't pay up
• ENFORCEMENT: how to make sure no one cheats on any of these rules

Robert Reich: Most important form or property now is intellectual property

• PROPERTY: what can be owned
• MONOPOLY: what degree of market power is permissible
• CONTRACT: what can be bought and sold, and on what terms
• BANKRUPTCY: what happens when purchasers can't pay up
• ENFORCEMENT: how to make sure no one cheats on any of these rules

Think again. What about slaves? The human genome? A nuclear bomb? A recipe? Most contemporary societies have decided you can't own these things. You can own land, a car, mobile devices, a home, and all the things that go into a home. But the most important form of property is now intellectual property--new designs, ideas, and inventions. What exactly counts as intellectual property, and how long can you own it?