In a bid to end its dependence on foreign intellectual property and become a global power in science and technology, China is attempting to foster indigenous innovation. Are the U.S. government and business community right to be worried about threats to free trade and intellectual property rights?
The information economy creates both opportunities and challenges for global trade. The United States must lead its trading partners and multilateral organizations to extend the free-trade, open-market principles that govern physical goods to cover the intangible products now zipping through wire and air. Trade policy can lay the path for future growth in the new economy -- or block it.
The Trans-Pacific Partnership, a massive multilateral trade agreement now in the works that focuses on the Asia-Pacific region, could add billions of dollars to the U.S. economy and solidify Washington's commitment to the Pacific. But if the Obama administration fails to calm critics of the deal, there is a growing possibility that it could collapse.