Traditional Policies

Economic Complications
If we know that the catch of fish has been decreasing then why hasn't the situation improved? As always, knowing the problem is only the first step in solving it. One of the first issues that needs to be addressed is the revenue for the fishing industry. As mechanization allows for larger companies to catch fish cheaply and therefore reduce the cost on the market, smaller fishing communities can be driven to overfish in order to pay for expensive equipment or other input costs. Dynamics similar to this cannot be ignored when addressing the issue of over-exploitation. Knowing the best place to set a quota might not be enough.
It is well known that fishermen will increase their income as long as it exceeds the cost to catch it and this will reduce fish population until they are barely able to sustain the costs of fishing. This new equilibrium when a fishery crashes is known as the bionomic equilibrium because of the balance between the biology of fish life cycles and the economics of fishermen. Avoiding the crash of fisheries that result in an economically unsustainable fishery is the major goal of modern fishery management.

Restrictions and Enforcement
Because of the economic drive to catch more fish and often resulting depletion of the fishery, some management systems are choosing to impose rules for a total allowable catch (TAC) usually on a yearly basis. These systems may even go further to implement restrictions on fishing gear, fishing season, and fishing areas. Policies like these have been implemented throughout much of the United States, varying depending on the region. In regions like the East Baltic cod fishery illegal fishing is reported to increase true catch by 35-40% due to lack of enforcement of these types of regulations. This brings up a major issue that enforcement of laws is always essential. This is an issue that best be addressed by the governing body of each region. It is unproductive to enact laws without the authority to implement them.

Subsidies
In many countries subsidies are used to help fishing companies meet their economic needs. This is often supported by the government because it helps provide food for its people and puts money into industry. However there are some subsidies that are better than others when it comes to creating a sustainable fishery. The table below gives the breakdown of where money is spent in developing countries, developed countries and the global total for fishery subsidies.
http://www.mrag.co.uk/Documents/PolicyBrief9_Subsidies.pdf
Defined in this table is that management is a helpful subsidy while giving tax exemptions is not as productive. Yet we see the most of the money spent on subsidies is in the second category, generally believed to not create a sustainable fishery but instead leading to over-exploitation.

Information above complied from the following sources:
Beddington, J. R., Agnew, D. J., & Clark, C. W. (January 01, 2007). Current problems in the management of marine fisheries. Science (New York, N.Y.), 316, 5832, 1713-6.
Rosenberg, A. A., Swasey, J. H., & Bowman, M. (August 01, 2006). Rebuilding US Fisheries: Progress and Problems. Frontiers in Ecology and the Environment, 4, 6, 303-308.
UK Department of International Development. "Fisheries and Subsidies." Retrieved from http://www.mrag.co.uk/Documents/PolicyBrief9_Subsidies.pdf.

It is easy to get caught up in policy to save fish and forget the interaction with the people doing the work. For those who are interested in how competitive fishing works is understood by the fishermen, enjoy this video about Alaska salmon fishing!