| Summary: | "The quota system in the Icelandic cod fishery, introduced in 1983, divides access to an important national resource among those who happened to be boat owners when the system was introduced. This paper examines the evolution of the quota system, the distribution of quotas, and ongoing debates on equity and ownership. Data on quota allocations indicate that quotas are increasingly concentrated in the hands of the biggest companies. While originally the system was presented as a short-term experiment, with the fisheries laws passed by the Icelandic Parliament in 1990 it was reinforced and extended into the distant future. The appropriative regime of Icelanders, I argue, has been thoroughly transformed through a complex process of negotiations and lobbying among scientists, usergroups, politicians, and the general public. As a result, quota owners have gained de facto ownership of fishing stocks. The new laws, then, represent a significant step in the evolution of permanent property rights. Not only has a permanent right of access been given to an exclusive group, but this right is increasingly being turned into a marketable commodity."
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