Market Mechanism Can Save Fish But Can They Save Climate?

1642 Words7 Pages
Market Mechanisms Can Save Fish… but can they Save Climate? Introduction The 2007 Reauthorization of the Magnuson Stevens Act (MSA) implemented market mechanisms, such as catch shares and individual transferable quotas (ITQs) to keep fishing at a sustainable level, as determined by the best available science. These mechanisms are comparable to the cap-and-trade mechanisms that successfully regulate sulfur dioxide and ozone emissions, as well as the cap-and-trade mechanisms that have been proposed and minimally implemented in the U.S. to regulate and manage greenhouse gas (GHG) emissions, which originate from the fossil industry. The new MSA reauthorization occurred while other cap-and-trade policies, particularly those regulating GHGs…show more content…
History of the Magnuson Stevens Act At the end of World War II, fishing became exacerbated as fishing technology improved; technology allowed for more catch, at a quicker rate, at an increasing distance from near shore waters. Fishing became a larger portion of the world’s food supply and economy. However, fish abundance was short lived. The United States, along with the rest of the world, found itself in a conundrum. By the 1960’s, fish stocks exhibited dramatic decline and major fisheries around the U.S. were overfished. 2 Legislation was needed for better regulation, and in 1976 the first comprehensive bill was passed to protect fishing areas farther offshore and prevent further decline. The Magnuson-Stevens Act (MSA) promoted the U.S fishing industry’s optimal exploitation of coastal fisheries by consolidating control over territorial waters through the establishment of eight regional councils to manage fish stocks, which are controlled largely by industry representatives.3, 4 The ultimate focus was, and is to this day, to protect the fishing industry, while also protecting fish stock. 1,5,6 The MSA helped to prevent foreign fisherman from fishing inside U.S. waters. Other nations developed similar laws and management practices.2 While the original MSA set limits on fisheries each fishing season, the
Open Document