Overview

Government management of fisheries has been little short of disastrous. In many regions, valuable fish stocks have collapsed as a result of overfishing. Ill-conceived regulation also means that every year millions of tons of edible fish are thrown back dead into the sea. While an absence of established property rights means that wild fish are vulnerable to overfishing, the problem is greatly exacerbated by large subsidies. State intervention has created significant overcapacity in the industry and undermined the economic feedback mechanisms that help to protect stocks. This short book sets out a range of policy options to improve outcomes. As well as ending counterproductive subsidies, these include community-based management of coastal zones and the introduction of individual transferable quotas. The analysis is particularly relevant to the UK as it begins the process of withdrawal from the European Union. After decades of mismanagement under the Common Fisheries Policy, Brexit represents a major opportunity to adopt an economically rational approach that benefits the fishing industry, taxpayers and consumers.

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9780255367400

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Richard Wellings is Acting Academic and Research Director & Head of Transport at the Institute of Economic Affairs. He was educated at Oxford and the London School of Economics, completing a PhD on transport and environmental policy at the latter in 2004. He joined the IEA in 2006 as Deputy Editorial Director. Richard is the author, co-author or editor of several papers, books and reports, including 'Towards Better Transport' (Policy Exchange, 2008), 'A Beginner's Guide to Liberty' (Adam Smith Institute, 2009), 'High Speed 2: The Next Government Project Disaster?' (IEA , 2011) and 'Which Road Ahead - Government or Market?' (IEA, 2012). He is a Senior Fellow of the Cobden Centre and the Economic Policy Centre.

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