Abstract
Controversy over the expansion of pound netting in the largest US fisheries of the late nineteenth century marked an early conflict between those who considered fisheries a commons and those who sought to establish property rights in a fishery. Pound-netters physically staked out a specific part of the sea for their exclusive use, and their conception of their property rights resulted in significant overfishing of important food – and oil – fish species. Here, just as with the commons that many economists argue inevitably result in over-exploitation of a resource, regulation was rebuffed and the fisheries collapsed.
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