Garret Hardin coined the term Tragedy of the Commons. Hardin used the term in reference to a situation that occurs when shared resources are overexploited and exhausted. In such a situation, overuse occurs when the benefits from using a particular reserve benefit an individual, whereas the price of degradation of the reserve is shared among all individuals.
Currently, Tragedy of the Commons is manifested in our oceans, national parks, rivers, public parks, and fish stocks. Among the above examples, there is no better manifestation of the situation than in our oceans. Unlike before, advancements in technology and the use of bigger and more powerful ships have made it possible for humans to locate large schools of fish. Equally, technology has enabled humans to create large drifts, nets, and dredges. With these advancements, a few anglers have been able to catch a large number of fish. It is alleged that more than 90% of the world’s large predators such as sharks and tuna have been caught. This implies that there are fewer different kinds of fish in our ocean beds compared to some decades ago. Several reports allege that a number of global fisheries are overfished, and they are on the verge of collapsing. This does not only put the ecosystem at risk but also puts all the nations relying on fishing at risk. If the situation remains unchecked, the fishing industry and the unique forms of life on earth will be extinct.
Environmentalists assert that if appropriate efforts did not put in place to reduce the number of whales killed, the mammal would be extinct in the next few decades. The fishing industry and the relevant authorities should note that although overfishing is rational from the anglers’ standpoint, its cost to society is cumulative and growing.