daries 200 miles from their shoreline in an attempt to protect their nations fish supply and economic interests.7 Regulations were enacted detailing which fishing vessels could catch which types of fish and limits on the catches. Problems of over-fishing continued, in part, because fish do not recognize or respect a nation's boundaries.
This is the case with Illex squid. Even when Britain, the Falklands, and Argentina joined forces to protect and regulate the catch of squid, in the South Atlantic, the squid stock has
crashed. Catches of the squid have declined in the last two years to less than a third of the peak catch in 1989.8 Last year, all three countries shut down their Illex squid fisheries to ensure remaining adults would reach breeding age.9 The problem is that no one knows what is a sustainable harvest for Illex squid. Squid populations vary naturally to a great extent in different years. The Falklands' economy is suffering because the government depended on the easy money brought in by licensing other countries' fishing fleets to harvest the squid and did not protect its natural resource of squid.
The collapse of the squid fishery in the South Atlantic is ecologically and economically a disaster. Previous to the halting of catching squid in Falklands' waters, the area had provided up to 10 percent of the world's catch of Illex squid.10 The advent of the fishing industry in the Falklands brought a redistribution of wealth to its citizens; changing the economic mainstay of the community from farming to fishing.11 This was true even though very few Falklands residents were actively engaged in the fishing industry. Money collected from foreign vessels meant the Falklands' treasury has amassed a reserve of 120 million pounds.12 This is 50,000 pounds for each resident.The collapse brought a stop to the income.
Other fisheries around the world are facing similar situations. The fishermen, processors, and pol...