Privatizing the sea to prevent overfishing

One standard solution to overfishing offered by economists is to essentially privatize the sea by creating individualized transferable quotas (ITQs) that give individuals and firms an incentive to fish at a sustainable level. Where intellectually coherent, the approach can be criticized on a number of grounds.

This Grist post does a good job of doing so. It points out the importance and difficulty of setting an appropriate Total Allowable Catch (TAC), the enormous problem of subsidized overcapacity, as well as bycatch and social justice issues.

ITQs may well be part of a sustainable global fisheries regime, especially where it comes to well-studied coastal fisheries off the shore of a single state with a strong regulatory capacity. When it comes to dealing with the pillage of the open ocean, however, they don’t really stand a chance.

Author: Milan

In the spring of 2005, I graduated from the University of British Columbia with a degree in International Relations and a general focus in the area of environmental politics. In the fall of 2005, I began reading for an M.Phil in IR at Wadham College, Oxford. Outside school, I am very interested in photography, writing, and the outdoors. I am writing this blog to keep in touch with friends and family around the world, provide a more personal view of graduate student life in Oxford, and pass on some lessons I've learned here. View all posts by Milan