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In 2004 the Cobb siblings started Shorefast, a charity
named after the tether that connects a cod trap to shore.
Its philosophy is based in part on the work of economist
Raghuram Rajan, who explains how the three pillars of
human societies — governments, markets and place-based
communities — need to work together with philanthropy
to create kinder, more effective local economies. But Cobb
says these pillars have been too siloed since at least the early
‘70s, when the world started following Milton Friedman’s
economic logic of making “increase shareholder value” the
singular goal of corporations, which Cobb calls “a terrible
marker on the road to the idea that place doesn’t matter.”
At home, the road back started with adding another
industry to complement the fishery, which survived on
Fogo Island thanks to the creation of a locally owned
cooperative — which still runs to this day. The cooperative
initially processed cod and, over the years, has adapted to
add other species including shrimp, snow crab and turbot
as well.
Fogo Island Inn, Fogo Island, Newfoundland
“We traded fish for the things
we couldn’t otherwise secure —
it was almost as if I grew up in a
pre-money time.”
— Zita Cobb
ecf.ca
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