where is the tragedy of the commons evident in industry 
before the 1960s the grand banks fishery off the coast of newfoundland was abundant with codfish because the fishery supported all the cod fishing they could do with existing fishing technology while reproducing itself each year through the natural spawning cycle however advancements in fishing technology made it so fisherfolk could catch massive amounts of codfish unsupportable with natural replenishment with no framework of property rights or institutional common regulation the entire industry collapsed by 1990 5