In what are we trading? Authors' rights and publishers' rights in traditional and digital media

This article surveys the current copyright situation, and the changes that have recently taken place, or which are still under discussion, to take account of the new challenges of the digital environment. A suggested hierarchy of prime and subsidiary electronic rights is outlined, and some significant developments In both licensing and electronic rights trading are discussed. Publishers and authors are urged to find new ways of licensing in the digital environment, if they are to avoid an environment of 'limitations, exceptions and compulsory licensing', which would not he conducive to a flourishing digital economy.