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the riaa's opposition to filesharing is a last-ditch attempt by these record labels to erase the writing on the wall, to protect their financial position.
there is nothing---nothing at all--of this that involves an ethical dimension.
what you think of it depends largely on the type of music you are involved with--i think the major record labels should simply die off. they are unnecessary as dissemination media, unnecessary for production. they continue to exploit artists and gouge audiences. screw them.
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Of course there's an ethical dimension to all of this, because we're talking about fair compensation for music and distribution, and copyright law. (Also, saying that major record labels should simply die off is in itself an ethically-based comment.)
The question becomes, how is best to resolve what I feel is right (ie. fair compensation to the artists and inexpensive, available music to me) with what the artists feel is right (production of their music, listener entertainment, and profit) and what the RIAA thinks is right (legal distribution of music, and profit).