Here is a great article by J. Sutinen illustrating the historical failure of command-and-control approaches to fisheries management.
You don't have to take an economist's word for it. Read more here and here and here and here.
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Since fisheries are so complex, it makes it difficult to find a way to conserve them. There is a wide range of variations and factors that influence the stock of fish in a given fisherie making it difficult to regulate. Such factors include: single-species fisheries, multi-species fisheries, the types of trawls, size of the fleet, etc...the combination of multiple possibilites makes fisheries not only a tough market to regulate but more competitive as well.
It seems that fishermen don't put a lot of thought into the long run or the future of the industry. A great quote that I came across in one of the articles was that fishermen "choose between their safety and their bread and butter". They understand that going out on the water is extremely dangerous, but they have to do it in order to provide for their family and stay in business. Without catch shares, the "race to fish" problem is only going to lead to more fatalities which can be easily avoided.
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