Copyright was an Enlightenment-era social experiment: use the power of government to prevent people from selling or copying creative works without the consent of the creator for a limited time. As originally conceived, I think it was relatively reasonable. However, the current perception (perpetuated by large media companies that seek to own and control our cultural heritage) that when someone creates something once once, that they (rather, the corporation they work for) should be able to monetize that and prevent other people from sharing it or building on it forever has caused and continues to cause severe damage to our common culture, and to the culture of future generations.
If current copyright law had always existed, there would be no libraries, because there would be nothing to put in them.
Update (2012-11-18): That didn’t take long. Less than 24 hours after this “eminently sensible copyright position paper” was posted, the paper has been pulled and the Republicans are falling over themselves to placate the media robber barons. Money doesn’t win elections, but this makes it abundantly clear that money does buy politicians. (In case you doubted it.)