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Well, the UK has done it. They’ve passed the Digital Economy Bill amid a cacophony of opinions both for and against it.
I wrote a piece for Publishing Perspectives weighing both sides.
In my opinion, this bill gives too much power and discretion to the British government. When no proof of copyright violation is needed to block a Web site or an Internet connection, the potential for this bill to be abused is too high. I do want authors and artists and musicians to be able to make money from their creative work, but this bill should have included a more controlled method for determining what Web sites and users violate copyright.