1) Background The world’s diminishing fish supplies, or fish stocks, has turned into a global crisis that continues to impact the economy of many nations. Fish supplies are dwindling at a time when consumer demand for seafood is on the rise. Consequently, not only will the price of fish continue to increase, but nations will also have to find ways to bring stability to ocean life. They will have to provide for programs and enact, as well as enforce, legislation that will revitalize sea life. Such measures are costly because they require apportioning part of a nation’s budget to fund agencies that will monitor global activities and enforce maritime laws. 1.1) No one owns the open sea One of the reasons why fish stocks have been depleted to such dangerously low levels is because no one owns the oceans. Every country in the world, therefore, commonly uses ocean resources. When there is no ownership a problem arises called the tragedy of the commons, which means that since ocean resources “are not privately owned, they are treated as free goods by the people.” In ot......

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