FARMERS are not the only food producers to get lavish subsidies. The fishing industry gets between $15 and $20 billion a year, at least a fifth of the value of the catch, the World Bank estimates. The result is too many boats chasing too few fish. But now these subsidies too are coming under fire, especially after an initiative by New Zealand.
Much of the $20 billion in subsidies is spent on building and upgrading vessels, and to ensure fishermen continue to profit when prices are low or costs are high. Yet virtually every fisheries agency, including the UN Food and Agriculture Organization, and the International Council…
