I am pretty much a Libertarian by default. But an economically-literate person understands when there's a commons for real and when there isn't. This is some p

I am pretty much a Libertarian by default. But an economically-literate person understands when there's a commons for real and when there isn't. This is some pretty dern well-crafted regulation - because the incentives for getting it right are with the right people and what could be done was very clear. The fish & wildlife bio. people are finestkind generally, so this works. It's also decidedly non-political. In Japan, it's political. This as opposed to say, banks. With banks, the incentives to build a robust and stable system are lacking; one need only compare and contrast with Canada. Charles Calomiris and Stephen Harber do this very thing in "Fragile By Design". If all regulation worked this well, we'd all be better off. It is critical that we know why regulation that doesn't work, doesn't.