The Effect of Strengthening Intellectual Property Protection on Economy: Should South Korea Strengthen Intellectual Property Protection? = The Effect of Strengthening Intellectual Property Protection on Economy: Should South Korea Strengthen Intellectual Property Protection?

다국어 초록 (Multilingual Abstract)

This study investigates the effect of stronger intellectual property right protection on various industries. The effect of stronger copyright protection on the software industry and the cultural industry was discussed. Also, the effect of stronger patent protection on productivity and FDI was analyzed. The result shows that for the software industry, the effect of stronger intellectual property protection is limited due to alternatives and the advent of a new business model. However, cultural industry will thrive under strong intellectual property protection. Patent protection enhances productivity and increase FDI inflow. Considering that both productivity and FDI promote economic growth, stronger patent protection promotes economic growth. Thus, South Korea should strengthen intellectual property protection.