Beyond growth: Reshaping fisheries for a wellbeing economy

Abstract

Contemporary fisheries have been shaped by a paradigm of perpetual growth, characterized by increasing global production and consumption. While this growth has driven economic benefits and technological progress, it has jeopardized the sustainability of marine ecosystems, with implications for the long-term livelihoods and wellbeing of fishers, consumers and resource dependent coastal populations worldwide. This paper advocates for a shift beyond growth towards a wellbeing economy. It considers how five fundamental principles intrinsic to a wellbeing economy - purpose, nature, fairness, participation and dignity - can help reorient the fisheries sector. The paper then provides ten actionable recommendations for reshaping the composition and structure of economic activity in fisheries to enhance societal wellbeing and equity within ecological boundaries. In a world grappling with the consequences of unchecked economic growth, this paper offers insights into fostering a regenerative fisheries system that safeguards human prosperity and environmental integrity.