| dc.description | There is increasing recognition in global seafood markets that social sustainability is becoming the imperative of the day. The Fair Trade USA Capture Fisheries Standard (CFS) presents an opportunity to promote good social practices in small-scale fishing operations around the world, which are largely excluded from alternative certification schemes due to limited financial and informational capacity. The gains from achieving Fair Trade certification can manifest as the profit gains to a fishery from the emergent market opportunities and product differentiation, along with potential future returns by conforming to sustainable fishing practices. However, firm-level figures under-estimate the possible social impact that may accrue in compliance with the criteria of the CFS. As the CFS addresses social injustices that are prevalent in the fishing industry, attaining Fair Trade certification may have a positive impact on society on a greater scale. This research attempts to quantify the external benefits delivered to society associated with compliance to the CFS criteria. Estimates of external benefits are then used to assess the possibility that there is a market failure in the form of a positive production externality in order to identify third party beneficiaries. A general methodology to quantify selected indicators of external benefits associated with the criteria is demonstrated on two Fair Trade CertifiedTM fisheries: Indonesian yellowfin tuna and Mexican shrimp. Correcting for such a market failure is then discussed regarding the provision of certified products, primarily through government intervention. | en_US |
