Transformation Of Property From Tangible To Intangible Assets: A Legal Analysis

Dr. Polaki, Department of Laws, Panjab University, Chandigarh.

ABSTRACT

Property has always played a major role in the economic progress of any country. The property itself has undergone various changes from its physical form to its intellectual existence too. In this era of globalization, any nation that can recognize its economic assets and keep them legally guarded will surely ensure its economic development. Strong legal protection of all valuable resources especially intellectual property is very much essential for surviving in today’s competitive world. We are all well conversant with the general idea of the term property. Generically, property can be defined as something which has a tangible value, and which can be owned. Now intellectual property is a bit different in this context and yet similar in terms of ownership rights. From a liberal understanding, intellectual properties can be considered to be products born out of intellectual capability and its protection means the sense of ownership over it such that it can be used in the tangible market without any fear of that intellectual product getting exploited and the one who gave birth to that intellectual product getting his due credit.

This paper will discuss the journey of property from its physical form to intellectual property, and the kind of legal protection and recognition given to it. This paper will also discuss its impact on the economy of a nation and making a mark globally.

Keywords: Intellectual Property Rights, International Trade, Theory of Property, TRIPS, WTO.