Financial Information Differentials. A redistribution of corporate profits results whenever an event occurs having predictable consequences for the profits of corporations, if different investors learn of the event's occurrence at different times. A most notorious example of the phenomenon was the Rothschilds' killing on the London Stock Marked in 1815, made possible because they learned, some hours before the rest of England found out, that Napoleon had been defeated at Waterloo.
Even better than knowing before other investors that an event has occurred is having prior knowledge that it will occur. Prior knowledge of the planned activities of corporations themselves constitutes the single greatest source of financial information differentials in America's free market economy, and where not obtained by conspiracy, bribery, or coercion, such information is sought by corporate espionage. (3)
Technological Information Differentials. A redistribution of profits results when any corporation increases, vis-a-vis competing corporations, the output of labor and materials by technological improvement. (4) Such improvements may be patented and so legally, though seldom for long effectively, protected from expropriation by other corporations. Patents are both licenses to profit from technological information differentials and schematizations of the differentials themselves. Because the latter feature renders patents so easily infringed, most technological improvements are not patented; they are protected by secrecy only.
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