Most of the boats ended up junked. Many people lost their jobs when companies and individuals consolidated their shares, though the number of jobs was shrinking even before the program began. But ITQs have sparked bitter opposition. ITQs accelerated the process. Without limits on shares, critics say, ITQs could allow companies to corner a market and set the price, leaving consumers at their mercy.
Proponents say the rules can be written to prevent concentrating too many shares in too few hands.
Managers like the quota system because it's simpler than the current snarl of regulations. But whether it promotes conservation is unclear. And under the U.S. system, the overall quotas would still be set by the regional Fishery Management Councils, which have often caved in to industry pressure to relax or delay conservation measures. Meanwhile, Congress has gotten jittery on the issue. ITQ proponents say it's transferability that makes the system work.