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Fisheries management faces a new era. Markets, in the form of individual transferable quotas (ITQs) and growing global integration of fish markets, will increasingly provide the organizing and regulatory principle for many fisheries. Whether Il'Qs and global markets are a panacea or Pandora's box for organizing and managing fisheries is, as yet, unclear, and requires additional experience to fully evaluate. This article reviews the workings and expected benefits of ITQs, the origin and conceptdoi:10.1080/10641269509388570 fatcat:kdh62mgr7fd4je653vlwn6umxq