Overfishing is among the biggest challenges threatening the health of our oceans, the food security and livelihoods of millions living in coastal communities, and the business opportunities of seafood and related industries around the world. The World Bank’s CFI-CF Global Knowledge Competition invited coalitions to develop innovative solutions to reduce overfishing through increased coordination among fishers and collaboration across the seafood industry and value chain actors. The competition highlighted coastal fisheries in four countries—Cabo Verde, Ecuador, Indonesia, and Peru—as well as solutions that can impact coastal fisheries globally.
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Scooped by
Graham Watson
onto Microeconomics: IB Economics February 25, 2023 5:21 AM
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This World Bank looks at how overfishing represents a market failure and the challenges that need to be overcome to resolve this and make the industry more sustainable.
It also highlights the role of competitions in generating solutions - with communities forming coalitions to tackle context-specific solutions in countries ranging from Cabo Verde to Peru. It's an interesting example of Elinor Ostrom's notion that social norms are the best way of tackling common access resource problems.