The fishing industry's critical dependence on the natural environment
makes it very different from other economic sectors. The industry
comprises everything from operator-owned small boats to large
corporations operating fleets of high-tech trawlers or purse seiners
processing their catches into finished products. All however exploit a
common resource.
This book provides an introduction to the economics of the fishing
industry and the role of fisheries in the world economy. It focuses
primarily on capture fisheries, although the discussion brings in wider
acquaculture for comparative analysis. Trade in fish products and how it
has developed is highlighted, as well as the main rules governing the
fish trade. The basic concept of sustainable yield is explained and how
economically optimal exploitation is used to avoid overexploitation. The
book discusses the variability of fish stocks and uses case studies of
some spectacular stock crashes that have occurred. The law of the sea is
explained and how the movement of fish stocks across ocean boundaries
has meant the development of government and inter-governmental bodies to
manage international fisheries. At the heart of this management lies the
quota system and the book outlines how it works and how,
controversially, such quotas have become transferable and have acquired
elements of private ownership.
The regulation of the fishing industry is shown to be fundamental to
prevent the possible total depletion of fish stocks, yet political
pressure from the industry and from pressure groups can make the
industry less efficient than it could be. Wider questions about whether
fisheries management should only be about food production are also
considered.
The book offers readers a comprehensive and rigorous guide to the
economic considerations motivating the industry and highlights the
environmental challenges facing the sector as global consumption of fish
continues to rise.
