What can be done to put matters right? The sea, the last part of the world where man acts as a hunter-gathere—¿as well as bather, miner, dumper and general pollut—r¿needs management, just as the land does. Economics demands it as much as environmentalism, for the world squanders money through its poor stewardship of the oceans. Bad management and overfishing waste $50 billion a year, says the World Bank.

Economics also provides some answers. For a start, fishing subsidies should be abolished in an industry characterised by overcapacity and inefficiency. Then governments need to look at ways of giving those who exploit the resources of the sea an interest in their conservation. One such is the system of individual transferable fishing quotas that have been shown to work in Iceland, Norway, New Zealand and the western United States. Similar rights could be given to nitrogen polluters, as they have been to carbon polluters in Europe, and to seabed miners on continental shelves. A system of options and futures trading for fish could also help.

Quotas work in national waters. But the high seas, beyond the limits of national control, present bigger problems, and many fear that the tuna, sharks and other big fish that swim in the open ocean will be wiped out. Yet international fishing agreements covering parts of the North Atlantic show that management can work even in such common wat—rs¿though the Atlantic tuna commission also shows it can fail. And where fishing cannot be managed, it must simply be stopped. Nothing did so much good for fish stocks in northern Europe in the past 150 years as the second world war: by keeping trawlers in port, it let fisheries recover. A preferable solution today would be marine reserves, the more, and the bigger, the better.

... contd.