The sad truth is that direct regulations have not eliminated overfishing but instead increased fishing costs for fishermen risking their lives on the high seas. The good news is that there is a better way to manage our ocean fisheries. Property rights approaches, such as individual transferable quotas (ITQs) and private harvest agreements are proving highly effective in restoring health and sanity to a host of fisheries around the globe. This book traces such developments and addresses the remaining obstacles to the continued development of property rights in ocean fisheries.