Paradigm Shift in Maritime Transport

This paper is an explorative, conceptual study on the fundamental problem of maritime transport. The author suggests that the present mechanism of decision-makings will not function on the currently prevailing paradigm: i.e. freedom of shipping and the economies of scale. The current market mechanism relies on rationality, which is only workable within the framework of short-term predictability. To address the globalised economies and the eventual increase in maritime traffics, more control will inevitably be extended over the supervision of navigation and shipping management. In this future circumstance, the effectiveness of legislative measures will be limited. Rather, a non-economical value system should be incorporated into the decision-making processes of maritime management. It will be the world where moral and ethic are more seriously dealt with in the maritime economic theories.