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It probably depends on industry. It doesn't work so well in today's software, like Microsoft has proved. Also in industries with strong patents or with effective process secrets. And i'm not sure that way of thinking is effective in industries with network effects.

So what's left ? usually industries with low-margins. And afaik, that generally describes China.

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First, it would certainly depend on as many sample variations we can find. Second, you are approaching tautological nonsense where patents and copyrights are nothing more than excuses for undeserved "outsized returns." Maybe that is true now or in countries with "first-to-file" patent regimes. There are no guarantees of ANY future outsized returns, no matter how much people might desire them. Low-margin might just equal "useful and fair."

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