Limitations of the Korean conventional fisheries management regime and expanding Korean TAC system toward output control systems

In this paper, we focus on the status and trends of the current Korean fisheries management regime. Specifically, this paper briefly introduces the Korean conventional fisheries management regime (KCFMR) and discusses its problems and limitations. In describing policy evolution, this paper finds reasons why the Korean government has chosen a TAC system, an output control approach, besides input control approaches in force for almost a century. This paper also describes the evolution of the Korean TAC system, which is carrying out a pivotal role in Korean fisheries development, and analyzes problems of the Korean TAC system. Finally, this paper gives a perspective on expanding the Korean TAC system toward Output Control Systems (OCSs) such as Individual Quotas (IQs), Individual Vessel Quotas (IVQs), Individual Transferable Traps (ITTs), Community Quotas (CQs), and Individual Transferable Quotas (ITQs).