Staking out an inshore commons: Pound-netting in Gilded Age America.

Controversy over the expansion of pound netting in the largest US fisheries of the late nineteenth century marked an early conflict between those who considered fisheries a commons and those who sought to establish property rights in a fishery. Pound-netters physically staked out a specific part of the sea for their exclusive use, and their conception of their property rights resulted in significant overfishing of important food – and oil – fish species. Here, just as with the commons that many economists argue inevitably result in over-exploitation of a resource, regulation was rebuffed and the fisheries collapsed. [ABSTRACT FROM AUTHOR]