Overfishing is taking its toll around the globe, from South America to West Africa to the Pacific, which supplies more than half the world's tuna. A recent World Bank studyfound that 90 percent of the globe's fisheries are either fully fished or overexploited, costing roughly $80 billion in lost economic benefits every year.

Property Rights Slow Destruction

Despite these challenges, news from the world of fisheries is not all bad. In fact, precarious environmental and economic circumstances facing many fisheries have spurred recent policy innovations, with some areas adopting formal property-rights-based management approaches. Whether known as "individual fishing quotas," "catch shares," or another label, these programs generally have a similar aim: bolster depleted fish stocks while improving economic performance in fisheries.