A framework for investigating commercial license and quota holdings in an era of fisheries consolidation, concentration and financialization

This paper proposes a novel framework to conceptualize and investigate license and quota holdings within fisheries jurisdictions and regions. We motivate and develop the framework by drawing together two bodies of literature that have been relatively disparate: one on fisheries industrialization and the other, from food studies and food systems scholars, on consolidation and concentration in farming and agrifood value chains. An important observation from food studies and food systems research is that a spectrum of logics - from productive through to speculative - motivate farmland accumulation and shape patterns of ownership, investment, and power in farming regions. We apply the framework to investigate license holding portfolios within the federally managed fisheries jurisdiction off of Canada's western-most province, British Columbia (BC). We calculate the market value of a selection of large portfolios. We also begin to explore power dynamics, finding that those with large and valuable portfolios are uniquely positioned to exercise and expand control within the jurisdiction. Fisheries and marine policy researchers should assume that hedge funds, private investment and equity firms, and other publicly traded businesses now regularly assess the investment potential of licenses and quota; case based, comparative, and policy-oriented research are all urgently needed.