Investment and Innovation
Investment and Innovation
A second key economic response is investment in new vessel and gear technologies that reduce costs of production and increase the efficiency of fishing effort. This chapter describes how such investment was shaped by a combination of overfishing in historical grounds and exogenous technological breakthroughs that were appropriated by fishers in their quest to maintain profits. Each innovation helped to dampen cost signals and widen the profit disconnect, particularly for fishers with access to capital. This generated stratification in the industry that was a critical determinant of governance response as described in Part II.
Keywords: Technological change, innovation, availability of capital, industry stratification, mechanization, industrialization, aquaculture
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