Abstract
Gross overcatching of whales in the Antarctic resulted in a series of international agreements in the 1930s designed primarily to control oil output and so to ensure a stable market. These agreements led to the International Convention for the Regulation of Whaling, signed in 1946. The interests of the industry were paramount in setting catch quotas, so that the major stocks were seriously depleted. A more conservative approach initiated in 1965 has led to the present management policy of the IWC which is aimed at bringing all whale stocks to the levels providing the maximum sustainable long-term yields. The author analyses the issues and implications surrounding these developments.
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