| Abstract: | In 1988, responding to international legislation that requires sustainable fishery management, the Australian Fishery Management Authority (AFMA) implemented an individual transferable quota (ITQ) management system to address the environmental crisis in the South East Fishery. Defining sustainability in its broadest context to include social as well as economic and ecological dimensions, this paper firstly describes the environmental crisis and the South East Fishery's ITQ management system. Secondly, Christy's (1973) paper is employed as a catalyst to compare the theoretical socio-economic outcomes with the actual operation of ITQs. The brief South East Fishery experience suggests that the logic behind ITQs is correct. Production has become reorganised. Operators are not only fewer, but also embrace professionalism, quality, efficiency, and the operation of the free market within the industry. However, because of the local idiosyncrasies of this multi-species fishery, the legislation over territorial waters, and the absence of alternative employment, fishers have adopted non-quota fishing techniques and entered seas under New South Wales jurisdiction. Without a social re-adjustment policy or buy-out scheme, the AFMA's objective of ecologically sustainable development cannot be attained. |
