You've probably heard the term "intellectual property" before. If not, it basically means you can lay claim to an idea and prevent anyone else from using it, building upon it, or even creating something similar. Why do we have these laws, and how deep does the problem go? How Intellectual Property Stifles Innovation – Second Thought SUBSCRIBE HERE: http://bit.ly/2nFsvTS New video every Friday! Citations and Further Reading: Insulin costs less than $10 to produce https://www.wusa9.com/article/news/verify/insulin-costs-about-10-to-make-but-retails-for-nearly-300-pharmaceutical-companies-eli-lilly-novo-nordisk-sanofi-pbms-insuli/65-73a3cafd-3340-45cd-8324-a5e3e1c78fa5 1 in 5 Americans ration their insulin https://www.nbcnews.com/health/health-news/insulin-prices-many-adults-diabetes-ration-insulin-study-finds-rcna52287 Insulin prices increase by 15-17% every year https://www.commonwealthfund.org/publications/issue-briefs/2020/sep/not-so-sweet-insulin-affordability-over-time Insulin used to cost $20, now it costs $300 https://www.wusa9.com/article/news/verify/insulin-costs-about-10-to-make-but-retails-for-nearly-300-pharmaceutical-companies-eli-lilly-novo-nordisk-sanofi-pbms-insuli/65-73a3cafd-3340-45cd-8324-a5e3e1c78fa5 Monthly insulin costs exceed $1000 https://www.theguardian.com/us-news/2019/jul/28/bernie-sanders-americans-canada-insulin-bus-caravan 90% of the insulin market is controlled by 3 companies https://www.wusa9.com/article/news/verify/insulin-costs-about-10-to-make-but-retails-for-nearly-300-pharmaceutical-companies-eli-lilly-novo-nordisk-sanofi-pbms-insuli/65-73a3cafd-3340-45cd-8324-a5e3e1c78fa5 3 companies keep insulin out of the public domain https://www.vox.com/2019/4/3/18293950/why-is-insulin-so-expensive COVID vaccine manufacturers hire 100 lobbyists to protect their monopoly https://theintercept.com/2021/04/23/covid-vaccine-ip-waiver-lobbying/ WTO waiver delays https://www.oxfam.org/en/press-releases/nearly-30000-people-have-died-every-day-covid-19-wto-talks-vaccine-intellectual https://www.msf.org/lack-real-ip-waiver-covid-19-tools-disappointing-failure-people Oxfam, 1 death in a rich country, four in a poor country from COVID https://oi-files-d8-prod.s3.eu-west-2.amazonaws.com/s3fs-public/2022-03/Pandemic%20of%20greed-Oxfam%20media%20briefing-March2022.pdf COVID vaccine manufacturers benefitted from IP waivers https://theintercept.com/2022/08/23/covid-vaccine-patents-moderna-big-pharma-section-1498/ America was built on IP theft https://www.history.com/news/industrial-revolution-spies-europe The US complains about IP theft today https://www.ft.com/content/1d13ab71-bffd-4d63-a0bf-9e9bdfc33c39 TRIPS benefits the Global North https://books.google.com/books?id=oK1m0AW95c0C&newbks=1&newbks_redir=0&printsec=frontcover IP more profitable than traditional business http://dx.doi.org/10.2139/ssrn.2333844 Four Futures by Peter Frase https://books.google.com/books?id=ZFdoBAAAQBAJ&printsec=frontcover Tech companies file thousands of patents a year and weaponize them https://www.bizjournals.com/sanjose/news/2020/07/27/top-of-the-list-patent-recipients.html https://www.nytimes.com/2012/10/08/technology/patent-wars-among-tech-giants-can-stifle-competition.html Collective funds idea https://www.reddit.com/r/socialism/comments/328izi/how_would_intellectual_property_work_in_a Crowdfunding idea https://www.youtube.com/watch?v=mnnYCJNhw7w Fraud prevention patent office idea https://www.youtube.com/watch?v=bUpaT_f0wic Socialism and intellectual property https://www.socialist.net/copyright-keeping-ideas-under-lock-and-key.htm https://jacobin.com/2013/09/locked-out https://jacobin.com/2013/09/degendering-value https://jacobin.com/2013/09/property-and-theft Follow and Support Second Thought! Twitter: https://twitter.com/_SecondThought Patreon: https://patreon.com/secondthought BuyMeACoffee: https://www.buymeacoffee.com/secondthought CashApp: $JTChapman Watch More Second Thought: Latest Uploads:    • Playlist   Spaaaaaace!:    • Playlist   What If...:    • Playlist   Popular Videos:    • Popular Videos | Second Thought   About Second Thought: Second Thought is a channel devoted to education and analysis of current events from a Leftist perspective. Welcome! Business Email: secondthoughtchannel@gmail.com