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The public perception of fisheries is that they are in crisis and have been for some time. Numerous scientific and popular articles have pointed to the failures of fisheries management that have caused this crisis. These are widely accepted to be overcapacity in fishing fleets, a failure to take the ecosystem effects of fishing into account, and a failure to enforce unpalatable but necessary reductions in fishing effort on fishing fleets and communities. However, the claims of some analysts that there is an inevitable decline in the status of fisheries is, we believe, incorrect. There have been successes in fisheries management, and we argue that the tools for appropriate management exist. Unfortunately, they have not been implemented widely. Our analysis suggests that management authorities need to develop legally enforceable and tested harvest strategies, coupled with appropriate rights-based incentives to the fishing community, for the future of fisheries to be better than their past.

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With the overexploitation of many conventional fish stcocks, and growing interest in harvesting new kinds of food from the sea, there is increasing need for managers of fisheries to take account of interactions among species. In particular, as Antarctic krill-fishing industries grow, there is a need to agree upon sound principles for managing the Southern Ocean ecosystem. Using simple models, we discuss the way multispecies food webs respond to the harvesting of species at differrent trophic levels. These biological and economic insights are applied to a discussion of fisheries in the Southern Otean and the North Sea and to enunciate some for harvesting in multispecies systems.

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Abstract. Overexploitation of marine fisheries remains a serious problem worldwide, even for many fisheries that have been intensively managed by coastal nations. Many factors have contributed to these system failures. Here we discuss the implications of persistent, irreducible scientific uncertainty pertaining to marine ecosystems. When combined with typical levels of uncontrollability of catches and incidental mortality, this uncertainty probably implies that traditional approaches to fisheries management will be persistently unsuccessful. We propose the use of large-scale protected areas (marine reserves) as major components of future management programs. Protected areas can serve as a hedge against inevitable management limitations, thus greatly enhancing the long-term sustainable exploitation of fishery resources. Marine reserves would also provide an escape from the need of ever more detailed and expensive stock assessments and would be invaluable in the rehabilitation of depleted stocks.