International Business Paper

Patents: General: Meaning of patent The word patent is not defined in the tax legislation. The legislation covers patents granted anywhere in the world except where it specifically refers to a UK patent. A patent consists of rights conferred by letters patent to the exclusive use and benefits of a particular invention. It will last for a specified period. The period for which a patent lasts is often referred to as the term of the patent. A patent is a form of protection for an inventor. A person who wants to use an invention that has been patented must acquire rights to use the patent or be granted a licence to use it. This lets the inventor control the way in which the invention is used. Once a patent has been granted the inventor can get income by granting rights or a licence to use it. Example Georgio invents a thermo nuclear pizza oven and patents it. If Frankie wants to use a thermo nuclear pizza oven in his restaurant he will have to pay Georgio for the right to use Georgio's invention.

Protectionist - Definition
Protectionism is the economic policy of promoting favored domestic industries through the use of high tariffs and other regulations to discourage imports. Historical variants of this policy have included mercantilism, a trade policy aimed at maximizing currency reserves by running large trade surpluses; and import substitution, a trade policy in which targeted imports are replaced by local manufactures in order to stimulate local production.
Recent examples of protectionism are typically motivated by the desire to protect the livelihoods of politically powerful groups, such as farmers in the United States and European Union, who in the absence of tariffs might be unable to compete with lower-cost foreign producers. In recent years, there has been a renewed discussion of protectionism due to offshore outsourcing. Most economists view this form of protectionism as a disguised transfer payment from consumers (who pay higher prices for food