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David Boaz over at Cato correctly identifies the general solution, private property rights, to the over-fishing problem that plagues our oceans. What Mr. Boaz leaves mostly unsaid, with the exception of a few links to websites supporting the extremely flawed Individual Transferable Quota (ITQ) system, is a practical private property solution to the tragedy of the commons as it pertains to our oceans.
Mr. Boaz asks “…how do you create private ownership in fish or sharks or sea turtles that can easily move through vast and unfenced bodies of water?” On the surface it seems to be an insolvable problem. The Federal Government currently has nominal ownership, insofar as it has the power to set quotas and grant fishing licenses, the sale of which, in theory if not always in reality, goes towards maintaining the fisheries. But of course, it is in the realm of reality where the tragedy of the commons rears its ugly head. In theory, the Federal Government, the all-powerful Big Brother which liberals so dearly love and uphold as reflecting the Common Will of the People, would impartially count the fish, determine how many could be sustainably harvested, set quotas and sell fishing licenses, and use the proceeds to maintain the fisheries for the future benefit of the American People. Let’s bask in the glow and breathe in the fresh air of that Utopia for a moment, shall we?...