Over the past quarter century, the salmon aquaculture industry has grown rapidly. Price declines caused by the resulting worldwide increase in salmon production have severely impacted the salmon fishing industry, particularly in Alaska. In this paper, we examine the reasons behind the success of farm salmon. In addition to its inherent market advantages, farm salmon has benefitted from a legal structure that limits the ability of the fishing industry to adjust to competition. We look at these fisheries laws and at the impacts of various policy options on the future economic, ecological, and political sustainability of the fishing industry.