Tag Archives: Individual Transfer Quotas
There’s a better solution to the problem of too few fish than privatizing the ocean. -The Right Catch of the Day
Then an approach called “Individual Transferable Quotas” was implemented. Under this approach, each fisherman was awarded the right to catch a certain percentage of the total annual allowable catch, which was set each year. The idea was that if each fisherman owned a percentage share of the total, they would have a strong incentive not to overfish and destroy the fishery, since that would of course destroy the value of what they owned. This was supposed to protect the fishing ground, and also protect the economic security of individual fishing operators. Read the rest here 15:28
