The Last Profession On Earth
"Twelve years ago, when I worked in your world, I was an inventor, I was one of a profession that came last in human history and will be first to vanish on the way back to sub-human. An inventor is a man who asks 'Why?' of the universe and lets nothing stand between the answer and the mind." Galt's Speech
We can go back and forth on the details of IP laws at some other time, but the fact remains that whether Congress does a better or worse job of instantiating intellectual property rights, the discussion is ABOUT those rights. In other times and still in most places, that discussion never takes place: no such rights exist.
Rand's point was that the PROFESSIONAL inventor was possible only in a capitalist culture. Discoverers and Innovators have always existed, but the professional inventor did not. Similarly, even the Aztecs had merchants, but CAPITALISM is not just the presence of traders.