Final answer:
The western Atlantic cod fishery collapsed due to overharvesting, and both the U.S. and Canadian governments have since enacted regulations to manage and protect the fishery, although its recovery has been limited.
Step-by-step explanation:
The Atlantic fishery that collapsed in the 1980s off the coast of Canada and Maine was the western Atlantic cod fishery. This collapse was primarily due to overharvesting as modern factory trawlers significantly increased the pressure on the fishery, leading to its unsustainable state. The U.S. and Canadian governments reacted by introducing stringent regulation and management of the fishery in an effort to prevent the tragedy of the commons and foster recovery of the cod populations. Despite these efforts, the conditions of this fishery today are still concerning, with cod stocks not rebounding as expected. This scenario underscores the long-term impacts of overfishing and highlights the importance of sustainable fisheries management.