Discuss the rationale behind the concept of intellectual property. What are the underlying premises of the global IP regime?

Intellectual property (IP) refers to creations of the mind, such as inventions, literary and artistic works, designs, symbols, and names used in commerce. The concept of IP is grounded in the idea that individuals or companies should have exclusive rights to their creations and be able to prevent others from using or copying them without permission. The rationale behind the concept of IP is to incentivize innovation and creativity by ensuring that creators can reap the benefits of their efforts and investment, thereby encouraging them to invest more in research and development.

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