Chetan Gulati


The last several centuries have seen a transformation in the ways in

which wealth is generated. As society has transformed itself in the postindustrial

era, "knowledge" and "information," as opposed to land and

physical property, have increasingly become the primary sources of wealth

generation. For example, historically, it was ownership of the forest that

was the principal channel for the derivation of riches. Today it is the

possession of the patent in the pharmaceutical product derived from the

leaves of the trees of the very same forest that is the fountain from which

the greatest wealth springs. It is not surprising, therefore, that the strategy

of wealth maximization has shifted from the desire to accumulate physical

property to one in which the domination of intellectual property rights

("IPRs") has become preeminent.