I agree with the “copyright violation is not stealing” view. Calling it theft is a politically motivated strategy to make the violation seem more important than it actually is. It can be a harmful action in some cases, but the harm it does is always less than in a traditional theft in which the original owner of the property is then deprived of its use.
If I were to make ten copies of a copyrighted song and give them to friends, and as a result one of them failed to buy a $15 CD that they would otherwise have bought, I have distributed $150 of value to the world while costing the copyright holders only $15. The world gains, perhaps, though there is the problem that this is likely to reduce the incentive of other artists to produce music, so the overall effect is not clear.
What is clear to me is the the current American system is very, very slanted toward the industry special interests (in other words, politics as usual). The current system results in a tiny percentage of musicians making an incredible amount of money, while the vast majority of musicians barely make ends meet by working in night clubs and the like. The money for CDs flows from people of modest income to people who are very wealthy. In addition, people who buy CDs but would be willing to download them are forced to pay record companies for a service that they don’t want.
Copyright law also make it prohibitively expensive for other artists to combine or modify music originally written by others. I read about one author who gave up on writing a book on the history of rock and roll because he couldn’t afford the rights to print the lyrics to songs. There is also the absurdity of commercial businesses not being able to sing the happy birthday song because it is copyrighted.
I think most copyrights (of all categories) should be reduced to five years or less. This would still provide plenty of incentive to creators since good money can be made selling to people who want the latest thing. Meanwhile much of the public that has limited buying power would enjoy far greater access to a wide variety of art, software , and other works. Music copyrights could probably be eliminated altogether since the artists can still make huge sums in concerts.
I’m not holding my breath, however, since legislators are always far more interested in the special interests than the public interest.