INTRODUCTION
Managing stocks of living marine resources for the global food market is a
classic collective action problem. Sometimes referred to as “back of the
invisible hand” problems or free rider problems, most collective action
problems that involve natural resources share similar qualities.1 Take a physical
resource that is dispersed and largely independent of a legal property
framework. Add numerous independent actors who believe, for a variety of
historical reasons, that they are entitled to extract the resource. Top it off with a
weak governance system, including underenforcement. The result is an
unprecedented resource crisis.