Trade in counterfeit and pirated goods.

The illicit industry of counterfeit and pirated markets in the age of mass consumption has visible effects on global trade. Nonetheless, it does not stop at the trade alone. The counterfeit markets have released their tentacles not only in the industry of luxury fashion, but also in consumer goods, automotives, and pharmaceuticals thereby putting a negative effect on the business owners, lawful manufacturers, and consumers (Staake, T. 2016). Furthermore, the role of the main actor is played by China as it accounts for the biggest portion of such products. Gradually, as the country gets more accustomed to the concept of intellectual-property rights and its plans to become an innovation-driven economy, the question of counterfeit and pirated goods in China gets more accentuated (The Economist, 2016).…