First thinned by habitat damage, key species of shrimp and reef fish have been decimated by the Thai fleet. One study showed that the amount of fish caught on an average trawl run in the Gulf of Thailand fell by 83 percent between 1961 and '80. Mangrove seedlings dot the Thai coast where the giant trees were felled in the rush to build lucrative shrimp farms. Other forms of resource exploitation such as agriculture and mining are governed by property rights. To make a profit, you must own a stake in what you produce, or rent it from someone who does.
Fishing is different.
Fishers don't own their catch until they haul it on board. With a relatively low investment, some skill and effort, the returns can be enormous. Boom and bust is intrinsic to open-access fishing, which usually remains profitable in the short run, even after too many boats get into the act to keep fishing in the long run. They continue operating because leaving a fish in the water means leaving it for someone else to catch. Soon, a collapse occurs - in fish populations, profits, or both.