Final answer:
The collapse of the northwest cod fishery has been primarily caused by overfishing due to the tragedy of the commons and inadequate enforcement of fishing regulations.
Step-by-step explanation:
The recent collapse of the northwest cod fishery is a significant ecological and economic event. The most likely explanation for this drastic decline is that overfishing led to the collapse of the cod population. During the 400 years that the fishery was productive, modern factory trawlers introduced in the 1980s significantly accelerated the rate of harvesting. This intense pressure made the fishery unsustainable. Overharvesting occurs when common resources, like fish stocks, are exploited beyond their capacity to recover due to economic drives, often known as the tragedy of the commons.
While fisheries are regulated to prevent overexploitation, the effectiveness of such regulations is diminished without strict enforcement or when technological advancements enable fishers to capture more fish than the regulations allow. The Common Fisheries Policy of the European Union (EU) attempts to govern these issues with strict rules, yet participating countries still struggle with overfishing and declining fish stocks.