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Most current fishing practices are neither economically nor biologically sustainable. Every year, the world spends $80 billion buying fish that cost $105 billion to catch, even as heavy fishing places growing pressure on stocks that are already struggling with warmer, more acidic oceans. How have we developed an industry that is so wasteful, and why has it been so difficult to alter the trajectory toward species extinction?

In this transnational, interdisciplinary history, Carmel Finley answers these questions and more as she explores how government subsidies propelled the expansion of...