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Business/Investing The Privatization of the Oceans

Posted on 2010-03-15




Name:Business/Investing The Privatization of the Oceans
ASIN/ISBN:0262083345
Language:English
File size:1 Mb
Publish Date: 2004-09-01
ISBN: 0262083345
Pages: 212 pages
File Type: PDF
File Size: 1 MB
Other Info: The MIT Press
   Business/Investing The Privatization of the Oceans

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The Privatization of the Oceans

Rögnvaldur Hannesson compares the subsequent development of private property rights in the fisheries to the historic enclosures and clearances of common land in England and Scotland and finds many parallels, including bitter fights over access rights and the impossibility of accommodating all those who want to stake a claim. Overall benefit to society in the form of increased efficiency, he points out, does not mean that all benefit equally. After tracing the development of the law of the sea since the sixteenth century, Hannesson considers what form property rights in fisheries might take and examines the forces behind the establishment of exclusive use rights to fish. He argues that one form of exclusive use rights, individual transferable quotas (ITQs), best promotes efficiency in the use of fish resources. He presents case studies of ITQ development, ranging from successful establishment in Canada and New Zealand to failures in Chile and Norway to experiments with ITQs in Iceland and the United States. The development of economic institutions, he concludes, is an evolutionary process subject to contradictory influences.

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