| Summary: | Deficient and unsafe national maritime transport systems could cripple world trade unless they are extensively overhauled. The massive intervention program suggested in this paper describes more than $400 billion in essential transport reforms. These reforms would modernize fleets, replace overaged craft, maintain neglected vessels, and scrap redundant tonnage. They would remove state protectionist policies that continue to fuel the maritime crisis by supporting inefficient transport systems. Also discussed are the growing problems that the industry faces in getting adequate insurance to meet present needs and in obtaining the substantial financing required for making the necessary improvements.
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