This examination of the recent history of the fishing sector in Chile shows that in this sector, which has played an important role in Chile's export success, short-term growth was achieved at the cost of long-term sustainability, with negative implications for those involved in the industry. This case raises the more general issue of the importance of regulatory frameworks in the promotion of natural resource exports. "Neoliberal" policy frameworks, which generally assume that self-regulating markets produce better results than explicit efforts to modify market results, have been increasingly adopted by developing countries. Analyses of the implications of these policy frameworks for the long-term sustainability of growth based upon natural resource exports have not grown along with the popularity of the policies themselves. This article is an effort to redress the imbalance.