A chapter from Fish or Cut Bait! The Case for Individual Transferable Quotas in the Salmon Fishery of British Columbia, a collection of essays edited by Laura Jones and Michael Walker discussing tradeable fishing rights and their role in solving the West Coast salmon crisis. This chapter, by Elizabeth Brubaker, documents a century of mismanagement of the Pacific salmon fishery and analyses governments’ incentives to encourage the overfishing and pollution that threaten stocks. It examines alternative regimes that give fisheries owners both the reasons and the authority to conserve stocks and to protect the habitat on which they depend, and suggests that quotas are only the first step in the evolution of stronger property rights to protect and conserve fisheries.
 

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