Only a couple of decades ago, the key driver of the world economy was characterized by Capitalism and the raw materials/resources that it relied on. With digital technologies such as social media outlets permeating our socio-economic atmosphere, the aforementioned driver of our world economy is now based on intellectual property(which includes copyrights, trademarks, patents etc.).
Since individuals are now able to transfer information freely across the Internet, including those that have been difficult to access previously, digital piracy of such things as movies, music and other coveted entertainment media has become a large issue. In the following article, AFL-CIO President Richard Trumka delves on the legal ramifications of violating intellectual property rights; "Digital theft has cost the U.S. entertainment industry countless jobs. ... The need to address foreign rogue websites remains urgent as they continue to profit at the expense of U.S. jobs and income." With the addition of social media websites such as Facebook and MySpace, illegal sharing of copyrighted material has become much easier for violators, creating a need for more stringent IP laws. The linked article below outlines these new laws and business models created by various organizations that aim to satisfy consumers, create greater revenue opportunities for music creators all while effectively fighting piracy.
Link to this feature: http://www.grammy.com/news/artswatch-sizing-up-the-creative-economy