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Fencing the Oceans: A Rights-Based Approach to Privatizing Fisheries
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"Fencing the Oceans
A Rights-Based Approach to Privatizing Fisheries
by Birgir Runolfsson
Birgir Runolfsson is an associate professor of economics
and director of the Center for Rights-Based Fishing at the University of Iceland.
Over the past several decades, countries have shifted the management
of ocean fisheries within two hundred miles of their coastline from open
access to intensive regulation. Governments attempt to restrict the total
harvest of fish in order to stabilize or increase fish stocks. Yet regulatory
regimes largely have failed to stem the decline of fisheries because they
do not alter the fundamental incentives that lead to overfishing.
Change is inevitable in the
fisheries. Retaining the status quo is not an option.
Managing a fishery through regulation does not solve the
basic incentive problems caused by the lack of property
rights to the fish stock. Excessive fishing still exists
because of the absence of property rights.
Recently, several countries have
replaced fisheries managed by government with systems
based on property rights. Rights-based fishing is
increasingly recognized as a practical alternative to the
inefficiencies of direct controls and regulation. On
land, the conversion from medieval common ownership to
the private property system is responsible for increases
in economic productivity. The expansion of property
rights as a method of economic organization should extend
to individual transferable quotas in fisheries. As with
property rights on land, the use of individual
transferable quotas for fish will yield substantial
economic benefits.
The Fisheries Problem
Only a generation ago, the supply
of fish available from the wo"
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