Crisis in Economics of World Fisheries

As far as the management of wild fisheries resources is concerned both critics and advocates for the presently dominant policies of the management establishment are claiming that there’re after sustainable extraction of fish and other marine organisms from ecosystem. They all accept the U.N’.s definition of sustainable development that meets the needs of the present without compromising the needs of future generations to be achieved through balance between environmental integrity, social development and economic development. According to FAO, sustainability entails the notion of progressive development, which has no negative effect on the environment and on the future of the resource concerned (Caddy and Griffiths, 1995).