In regulated industrial fisheries, as in Iceland, New Zealand and America, this has taken the form of a tradable, individual share of a fishing quota.

ECONOMIST: Fishing and rights

At the same time, says Mr Spence, the mix of jobs available to Americans in the tradable sector (including manufacturing) that serves global markets is shifting rapidly, with a growing share of the positions suitable only for skilled and educated people.

ECONOMIST: The great mismatch