Economic Analysis of Social Issues 1st Edition by Alan Grant

Exercise 22

Beginning in the late 1990s, growing wealth in Asia spurred strong demand for shark fin soup, which is a luxury food there. The unfortunate consequence of this demand is a practice called "shark finning," in which fishermen cut off sharks' fins and then return the still-living sharks to the sea to die. Despite the fact that several nations have banned shark finning, the practice continues to threaten shark populations, with an estimated 100 million sharks being finned annually. Why do you suppose the multination ban on shark finning has been unsuccessful in protecting sharks? Your answer should include some reference to property rights.