From unjust uneconomic growth to sustainable fisheries in Newfoundland: The true costs of closing the inshore fishery for groundfish

Abstract

Neoliberal economic and social policies during the last 65 years have placed a premium on continuous economic growth. Concern among ecological economists and other critics that economic growth results in loss of natural capital and ecosystem services led to introduction of the concept of “uneconomic growth,” defined as “growth of the macro economy that costs us more than it is worth” (Daly and Farley, Ecological economics principles and applications. Washington: Island Press; 2004). This paper proposes the concept of “unjust uneconomic growth” to pinpoint the additional costs of policies that promote uneconomic growth to the neglect of other considerations and uses the case of Newfoundland and Labrador fisheries policies since 1992 to document it. Newfoundland and Labrador fisheries experienced uneconomic growth in the 1980s leading to the collapse of ground fish stocks. The policies enacted since 1993 based on economic growth goals have failed to solve the ecological-social crisis and entailed additional costs to small-scale fisheries.