The paper commences with a discussion of the challenges and opportunities that the ocean environment presents to mainstream economic theory and policy. The paper continues by reviewing some of the most important recently discovered resources and newly established services that form the basis of the ocean as a common heritage. The paper concludes that the Authority s founding principles, especially that of the Common Heritage of Mankind need to be adopted by the full range of stakeholders involved, both government and public alike. All rights reserved. This journal contains information obtained from authentic and highly reliable sources.
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