“The Information Age will continue to create new artifacts, some that carry great value. We should not stand idly by and let rights to the assets of this new Age be determined haphazardly, thereby almost certainly guaranteeing that they go to people in the best position to take quick advantage of them. We should try to analyze them thoughtfully, remembering our real world experience with inequality and exploitation and trying not to recreate it in new worlds.”

“Silicon Valley’s success in the Internet era has been due to key substantive reforms to American copyright and tort law that dramatically reduced the risks faced by Silicon Valley’s new breed of global traders.5 Specifically, legal innovations in the 1990s that reduced liability concerns for Internet intermediaries, coupled with low privacy protections, created a legal ecosystem that proved fertile for the new enterprises of what came to be known as Web 2.0.”

“[T]he existing infrastructure of trade, developed over the centuries for a paradigm of goods, proves inadequate either to enable or to regulate this emerging Trade, version 2.0.”