Week 06 Response - Intellectual Property Laws Maintain the American Dream

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This post is in response to the question “What problems could arise from getting rid of all intellectual property laws?” by @leighwelch

Though I do not agree with how intellectual property (IP) laws are structured, I do believe there would be a serious negative impact if they were abolished. One problem that I would predict is the rise of monopolies. Intellectual property laws can be used by individuals as a way to protect their ideas for a period of time. During that period of protection, ideas can be developed without the risk of theft. Many times the inventor needs other people to help realize their idea.
If there were no IP laws in place, then what would stop an idea from being taken over by people that simply have more resources to begin with? The original inventor would have no chance. Over time, large corporations would only grow larger. Essentially, I believe that removing all IP laws could squander the possibility of the “American Dream” for many.