Hot Property: The Stealing of Ideas in an Age of Globalization

The Professional Inventors Alliance USA has awarded the "American Innovation & Invention Book of the Year" for 2005 to "Hot Property: The Stealing of Ideas in an Age of Globalization" by author Pat Choate. A strong advocate of tight intellectual-property protections, Choate, an economist and Ross Perot's 1996 vice presidential running mate, says that international forums and domestic laws are already in place to stop intellectual property crimes. However, American policymakers are lacking the willpower to stem an impending economic, scientific, and technological decline.

"While examining the intricacies of intellectual property theft, Choate offers a sense of clarity, insight and wisdom rarely seen in America," said Ron Riley, President of the Professional Inventors Alliance.

Harvard Business School's Working Knowledge describes the book as a "deep examination of intellectual property theft and the benefits and hindrances of copyright and patent law."

Congressman Frank Wolf (R-Va.), chairman of the Science-State- Justice-Commerce appropriations subcommittee, says the book is a "must read" for members of Congress.

"Pat Choate has worked extensively to examine the intricacies of intellectual property theft and patent reform; he is at the forefront of the debate," said Chairman Wolf, whose committee oversees the United States Patent and Trade Office's budget, as well as other federal agencies dealing with intellectual property issues.

Choate's premise is that capitalism is based on the concept of property, and intellectual property rights must be defended like any other assets. He sounds the alarm that foreign governments are stealing America's intellectual property and that the theft costs the U.S. more than $200 billion annually.

The Professional Inventors Alliance USA, based in Washington, DC represents several thousand U.S. inventors.