The intellectual property system is considered as an institutional arrangement by which it seeks to balance the need to recover the investment in a work by another innovator and improve the welfare of society in terms of access to new knowledge.However, the contemporary structure of this system instead of achieving the mentioned balance,, has led to major distortions in competition which adversely affect consumer welfare, certainly losing much of its natural justification, and giving rise to rethink their internal configuration.In order to analyze the statement above this document is organized in four sections.The first analyzes the knowledge as a public good, highlighting their basic characteristics and associated problems.The second section develops an approach to intellectual property system, demonstrating the basic features of this institution; subsequently some criticisms of its institutional design are exposed.Finally some pillars for a new intellectual architecture is put forward.