Markets cannot advance faster than the legal ordinance in economies. The foundation of all modern economies can be traced to property rights. If you check the gross world product (GWP) – aggregate GDPs of all nations – you will notice that for more than 1,400 years, from AD 1, the GWP was flat, meaning that per capita income was decelerating, across generations, implying that man/woman was getting poorer.
But around the birth of America, something happened: legal ordinance was put into market systems through property rights. And just like that, the linear GWP began to grow exponentially. In a publication in Harvard, I noted that until nations advance the legal ordinance, by strengthening property rights – intellectual or otherwise – they will remain largely poor.
The cement for factors of production is legal ordinance. Nigeria will not advance faster than the strength of its property rights. When a cow eats a farmer’s crops, and there is no consequence, Nigeria gets poorer. When a man steals the ideas of his neighbour and there is no consequence, Nigeria misses a pulse. You may think that it does not matter. It does, because the safest abode for capital is an economy, run within a strong rule of law. If you do not have that safe legal destination, capital will disinvite itself!
Nigeria needs to fix the fundamental things about the nation. Yes, we need to go intellectual. If we do, we will notice one factor: you cannot leapfrog the strength of your legal systems, as you advance as a nation! If you do not know, know it now that the invention of intellectual property rights is the biggest invention in human history. The ordinance of markets lives on a great legal system – and the biggest magnet for capital is that legal system. As the high priest to the IPRs, the legal system makes markets function and runs. That is the law for economic development.
Intellectual property rights are legal rights that provide creators protection for original works, inventions, or the appearance of products, artistic works, scientific developments, and so on. There are four types of intellectual property rights (IP): patents, trademarks, copyrights, and trade secrets
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