the country reports are sorted according to the chronology by which the countries have introduced variants of marketbased instruments in their fisheries management beginning with the herring fisheries in the icelandic itqsystem has sincethen been mainstreamed to include most species and icelandic fisheries the icelandic system is characterized by a liberal approach which has stimulated growth in the sector but also led to national disputes on the distribution of wealth and access to the fisheries in the following decades the largescale fleet grew and capital investments in the fishing sector increased more than output