Domestic and Global Legal Terms and Implications

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Domestic and Global Legal Implications Terms Comparison

Term	Domestic Legal Implications	Global Legal Implications
Intellectual Property	Intellectual property protection helps ensure the security of information found, researched, and proven by scientists or specialists of the country. Often, intellectual property has specific protection only on the territory of a particular country and does not apply to other countries. In this regard, it is necessary to clarify in advance what conditions must be met to protect rights on the territory of other countries. Luo (2021) states that “intellectual property rights carry the important role of protecting biological, genetic resources from being stolen by other countries and promoting the access and benefit sharing of biological genetic resources” (pp. 313-314). Many countries actively use the scientific developments of other countries since even registered patents may not be relevant in a particular state.	The expansive influence of technological progress and globalization of the world economy poses a tangible problem to the issue of intellectual property. Morris (2020) states that “private rights, as understood within the context of intellectual property, are no longer the domain of domestic regulation; rather, they are now within the purview of public international regulation” (p. 147). The global significance of intellectual activity and its results grows exponentially, as well as the importance of the legal protection of new ideas and inventions.
Legal Climate	For each country and all its citizens, the internal regulation of the main aspects of the life of society and the state is of paramount importance. It is expressed in common features of values and development goals, the establishment of rules of behavior, coordination of activities, and a strong social order. The law here serves as the crucial tool of this regulation.	Differences in the legal climate of different countries mean that government contracts concluded on the territory of one country will not be valid on the territory of another. Srivastava (2020) claims that “the harmonization of trade laws is a central issue in international trade” (p. 23). It is necessary to have an awareness of the labor legislation of the country that is targeted. For example, it is necessary to know about vacations, work schedules, and other aspects that can be appealed in court in case of violation. In addition, it is essential to understand how to properly defend yourself in court, as this can have a final significant impact.
Export and Import	States may not invoke domestic legislation in violation of the rules described in the treaties. However, in order for everything to be legal, states also need to comply with the principles of international trade law equal for all. If a state violates the prescribed regulations, it will be forced to bear global responsibility. Thus, it is safe to say that international trade law is superior to domestic trade legislation.	It is necessary to monitor how the laws within the country correspond to the laws of another country. It is essential to know which goods can be exported to a particular country and which cannot. Certain authorities carefully check the goods, and therefore it is necessary to control what is specifically exported. It is essential to take all precautions to avoid incorrect situations and conflicts. For example, laws prohibit the giving of bribes to foreign leaders. Otherwise, a big conflict between states may occur, and trust may be completely destroyed. It is especially important to control the export of military goods, as this aspect is very important and dangerous.

Intellectual Property

In a broad description, the term “intellectual property” means an exclusive temporary property right to a result of a human’s intellectual creation. There are many different kinds of intellectual property, but the most common and well-known of them are copyrights, trademarks, and patents. Intellectual property, essentially, protects intangible assets of a business and does not allow their use without legal consent. The law that regulates intellectual property establishes an author’s monopoly to implement and gain profit from the results of their creative work. ICC and WIPO (2012) conclude that “IP should be approached as being an element of the overall business strategy, and not as a separate legal issue” (p. 12). In order for other people or companies to use that creative work, they have to get legal permission from the author, as well as contribute a certain and prearranged amount of profits to them. Intellectual property, essentially, protects intangible assets of a business and does not allow their use without legal consent, and that is why it is so significant to the law.

SWOT-Analysis

The main strength of the intellectual property legal concept is that it can cover many different areas, from logos to corporate identity to even the products, services, and processes. For many companies, patents or trademarks or copyrights not only protect an idea or concept – they provide a legal cover for business assets that can be an integral part of a company’s core services. However, the concept possesses a significant weakness: when these creative ideas are used without permission, the business might suffer from a decline in profits. There might even be a theft of intellectual property when someone else patents their ideas. Moreover, with the rise of the Internet and digital innovations, intellectual property laws face a new challenge – they need to evolve and adjust to the demands of today’s situation is presenting.

Intellectual property presents many opportunities, especially today, in the era of the Internet. The faster the process of digitalization goes, the more actively technologies develop, and the more willingly people are involved in information exchange, the more intellectual property objects are used, and the higher their economic value. This also reveals the potential of intellectual property rights: for example, the ability to transform the market for your business and influence the consumers’ minds. The development of the intellectual property system can change the world for the better by encouraging the creators to bring new ideas to the world and giving them the opportunity to capitalize on them. However, from there, the main threat also rises: the expansive influence of technological progress and globalization of the world economy poses a tangible problem to the issue of intellectual property. The significance of intellectual activity and its results grows exponentially, as well as the importance of the legal protection of new ideas and inventions.

Legal Climate

In each state, the behavior of citizens and legal entities is regulated through sets of laws which is imperative for the country. According to the U.S. Senate official website (2021), “individual laws, also called acts, are arranged by subject in the United States Code, while regulations are arranged by subject in the Code of Federal Regulations” (pp. 1). All laws and legislations of a country comprise its legal climate – unique for each state. In order to identify the grounds and limits of state-legal regulation, a country’s legal climate determines the vectors of legal development and assesses the correlation between laws and by-laws. The main attention is usually focused on the dynamics of legal risks arising both at the stage of lawmaking and law enforcement. Moreover, a healthy legal climate emphasizes the need to anticipate and overcome legal conflicts both on domestic and global levels.

SWOT-Analysis

The main strength of the concept is that the legal climate as a regulator has the greatest potential for the state’s action on an international scale. Moreover, the measure of legal support for the activities of states serves as an optimizing factor. However, there is also a significant weakness in the fact that there is no uniform approach to determining the limits of the use of legal regulators in various spheres of political, economic, and social development. There are also no clear criteria for management and legal regulation in different countries. Nevertheless, the legal climate also presents good opportunities. For example, the state can use its legal climate to determine and solve strategic and tactical tasks of socio-economic development. Finally, the main threat lies in the diversity of legal climates of the world community. Countries often experience troubles in legal communication with each other due to the differences in their legal climates, which may even lead to open conflicts.

Export and Import

A country’s export is the sale of goods to foreign counterparties with their transfer abroad, while the import is the acquisition of goods from other countries with their transfer from abroad. Exports also include capital transactions – an investment of funds to organize production on the territory of another state. Both export and import operations are controlled by government authorities and are carried out in accordance with the customs legislation of the exporting country. Kormych (2018) states that “experts identify three organizations, which standards have a determining influence on international trade: the International Accounting Standards Board, the International Organization for Standardization, and the International Electrotechnical Commission” (p. 31). An export or import transaction occurs at the moment the products cross the state border, services are provided to a foreign partner, or rights to the results of intellectual property are transferred.

The total value of exports and imports of an individual country forms its foreign trade turnover. A country’s foreign trade primarily stimulates the production of goods, works, and services and accelerates the pace of economic development and GDP growth. Constant trade-in form of export and import ensures the inflow of foreign capital into the country, which is a source of funds for the budget and strengthens the position of the national currency.

SWOT-Analysis

Together, export and import provide the country with significant advantages and strengths. As a supplier of goods and services to the international market, the country demonstrates its capabilities to the whole world, and shows itself as a reliable partner with whom you can build long-term trusting relationships. However, a weakness also lies in the imbalance in the country’s foreign trade rate. A significant excess of exports over imports leads to an overvalued exchange rate of the national currency and an increase in prices, and a decrease in the competitiveness of domestic goods in the external market. The opportunities presented are important: the government’s continuous support of exports and imports, as well as the competent planning, allows the state to maintain the agreements reached and increase trade turnover with key partners. Finally, the main threat lies in the unstable situation in the world community. The difficult political environment and growing tensions in the world pose considerable difficulties for active international trade.

References

Kormych, B. (2018). The modern trends of the Foreign Trade Policy Implementation: Implications for Customs Regulations. Lex Portus, 5(5). Web.

Luo, Y. (2021). Intellectual property protection of biological genetic resources. Proceedings of the 6th Annual International Conference on Social Science and Contemporary Humanity Development (SSCHD 2020), 517, 313–316. Web.

Morris, P. S. (2020). Private Intellectual Property Regulation in Public International Law. UC Davis Journal of International Law & Policy, 26(1), 147-190. Web.

Srivastava, A. (2020). International Unification of Trade Laws. International Law and the Global South, 23–49. Web.

U.S. Senate. (2021). Laws and regulations. U.S. Senate: Laws and Regulations. Web.