fact of the week logo image

Piracy in China remains rampant. In 2011, the music industry in China generated $82.8 million compared to $68.9 million in Thailand, a much smaller market. Even though China signed on to the TRIPS (Trade-Related Aspects of Intellectual Property Rights) agreement, it helps its domestic firms and hurts foreign firms by turning a blind eye to intellectual property theft, even within its own...

While it makes sense for policymakers to look to new industries such as clean energy to power job creation, they often overlook the key role that information technology (IT) has played. Over the last decade, IT employment in the United States grew rapidly. According to the Bureau of Labor Statistics, between 2001 and 2011, over 742,000 new IT jobs were created. Indeed, employment in IT...

Given reduced demand for capital from corporate America for productive investments, U.S. investment banks went looking for other deals to make up for the missing income and, in the process, figured out how to transform the housing market into a corporate finance laboratory. The fact that we diverted so much money in speculation on housing instead of machinery, equipment, R&D,...

The innovative biopharmaceutical sector provides an illustrative example of the importance of IP-intensive industries to the U.S. economy. The sector supports more than 7.4 million jobs and contributes $426 billion annually to U.S.GDP. Exports from the U.S. biopharmaceutical industry totaled $49.4 billion in 2010, making it the fourth-largest exporter among IP-intensive industries. It is...

While the U.S. has been running a trade deficit in manufacturing for more than three decades, it grew considerably worse after 2000. In the 2000s, the United States accumulated an astounding aggregate negative $5.5 trillion trade balance in goods and services with the rest of the world. In no year in that decade did the United States have a negative global trade balance of better than negative...

The news this past week that more than a dozen retailers have announced plans to create a mobile-payments system called Merchant Customer Exchange (MCX) highlights the growing interest in near-field communications (NFC)-based mobile payment solutions in the United States, a field in which the United States has trailed several Asian countries. As ITIF has noted, it remains important for...

As we look to the future we can expect more IT job growth. The U.S. economy is growing ever more dependent on IT for innovation, productivity growth, and quality of life improvements. While business investment in all forms of capital increased by only 13 percent between 2001 and 2011, investment in IT capital increased by 66 percent, over five times faster. And, in contrast to Nick Carr's...

The U.S. government funds millions of dollars of research in privacy technology each year through various agencies, including at the National Science Foundation, the Department of Defense, and the Department of State. However, agencies do little to coordinate their funding efforts or develop a common vision for privacy R&D. In addition, comprehensive data on the amount and focus of privacy...

While the United States continues to lead in patents, other nations have encroached on the U.S. lead. In 2009, 51 percent of patents issued in the United States were awarded to non-U.S. companies. Only four of the top ten companies receiving U.S. patents in 2009 were based in the United States. In fact, nearly 60 percent of the patents filed with the U.S. Patent and Trademark Office (PTO) in...

India leads the world in R&D tax generosity for both small- and medium-sized enterprises (SMEs) and large firms by allowing a 200 percent super deduction for in-house R&D expenditures, a super deduction of 125 percent to 200 percent for payments made to contractors carrying out R&D in India, and a 100 percent deduction for R&D expenses that do not otherwise qualify for the...