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Finally, LOST still enshrines the basic principles of the NIEO as international precedent. Maybe ocean mining will never be viable, so turning vast resources over to yet another inefficient, politicized, and corrupt international organization won't matter. But such a byzantine regulatory structure is likely to discourage entrepreneurship in related fields, especially the development of technology, software, and other products with multiple ocean uses. Further, applying such a principle to other unowned resources, such as outer space, would discourage private innovation in that field.

In fact, treaty proponents emphasize the treaty's precedential value. At the tenth anniversary celebration of the establishment of the ISA, Tanzanian Ambassador Joseph Warioba declared: "Above all the principle and concept of the common heritage of mankind has been firmly established. The provisions of Part XI of the Convention have been diluted and weakened by later action but there is no denying the fact that the Convention put a stop to the colonization of the seabed beyond areas of national jurisdiction and established global management and administration under the Authority." Just imagine where this precedent could be applied.

The LOST is not without benefits, but most can be enjoyed without ratifying the treaty. Unfortunately, the costs of joining are too high. We should have learned by now that dirigiste economics will always fail. Enshrining collectivism as international law through creation of a mini-me United Nations would be as foolish as it would be costly.

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