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Co‐operation in the management of shared fish stocks is often necessary to achieve sustainability and reduce uncertainty. The United States of America (USA) and Mexico share a number of fish stocks and marine ecosystems, while there is some binational co‐operation in scientific research, unilateral management decisions are generally the rule. We present a case study using the giant sea bass (Stereolepis gigas, Polyprionidae) to highlight how these management and research asymmetries can skew national perceptions of population status for a fully transboundary species. Scientific publications and annual funding related to giant sea bass are 7x and 25x higher in the USA, respectively, despite the fact that 73% of the species' range occurs in Mexico. Conversely, annual fishery production and consumptive value of giant sea bass in Mexico are 19x and 3.5x higher than in the USA, respectively, while the non‐consumptive value related to dive ecotourism is 76x higher in the USA. These asymmetries have generated a distorted view of the population status of the giant sea bass across its entire range. This and other factors related to historical fishery dynamics and policy must be accounted for when assessing population status, and subsequent appropriate management responses, across geopolitical boundaries. [ABSTRACT FROM AUTHOR]

Maximum Sustainable Yield (MSY) is a common target for fisheries aiming to achieve long‐term ecological sustainability. Although achieving MSY may ensure the long‐term sustainability of fish populations, we ask whether it will provide economic security for fishers. Here we use 16 years of daily landing records to estimate potential catches and revenues per capita if fisheries were exploited at MSY in 11 subregions across Mexico. We then compare fishers' estimated revenues per capita against national poverty limits at the household level. Our results show that even if MSY is reached in artisanal fisheries, the overcapacity of fleets and the dissipation of rents threatens the economic well‐being of fishers and their families, pushing revenues per capita below poverty levels. Our work demonstrates the importance of resolving the trade‐offs between achieving economic, social and environmental objectives when managing for the long‐term sustainable use of natural resources. [ABSTRACT FROM AUTHOR]

Harmful fisheries subsidies have historically contributed to fleet overcapacity and continue to be allocated to the fishing industry to artificially maintain its profitability. However, in this contribution we show that removing harmful subsidies and reducing overfishing will help to recover the resource biomass, subsequently leading to increased levels of sustainable catches, income and well-being of fishers, and reduces inequities in income and consumption when fish stocks are not effectively managed. Maintaining harmful fisheries subsidies is socially and economically inefficient. Taking the example of the EU fishing fleet, one of the largest fishing fleets in the world, we use the total factor productivity to show that small-scale fishing fleet's productivity is almost two-fold in the North Atlantic and 16% higher in the Mediterranean and Black seas compared to large-scale vessels. This result is explained because the harmful fisheries subsidies disproportionately allocated to large-scale vessels introduce distortions in the efficient allocation of inputs. With critical WTO negotiations ongoing regarding the global rules on fisheries subsidies, the EU must take advantage of the opportunity to lead a desirable transformative change while also supporting developing nations to truly achieve global sustainable and equitable fisheries. [ABSTRACT FROM AUTHOR]