Abstract:
The stocks of principal groundfish species off New England have collapsed creating economic hardship and
dislocation in fishing communities from Rhode Island to Maine. In this paper we analyze the causes of this collapse using
the Ratchet effect described by Ludwig et al. (1993, Science 260:36-37) as a framework. According to Ludwig et al.,
powerful economic and political interests drive fisheries to overcapitalize and overexploit despite scientific evidence that
stocks are declining. When the fishery is no longer economically viable, governments provide financial assistance to
minimize economic hardship. When stocks increase there is another rush to invest and the cycle repeats itself. The history
of groundfish management in New England conforms well to this model. Optimism among fishers and government over US
control of this fishery in 1977 stimulated successive rounds of investment that built up excessive fishing capacity despite
warnings from scientists that stocks were becoming weaker. Management regimes designed by the New England Fishery
Management Council were ineffective in constraining fishing effort. Collapse of the stocks has led to severe restrictions on
fishing and government assistance. We suggest that the integration of science, management and harvesting sectors through
ecosystem based management offers the best means of avoiding similar situations in the future.
