The paper examines the applicability of First World CZM policy for the Third World by focusing on Ecuador's shrimp mariculture, an industry whose explosive growth has reshaped the coastal zone and generated problems threatening loss of the resource base itself. This has led to recognized need for CZM and movement by development agencies to transfer the CZ policies of developed countries. Against this background, the analysis explores local concepts of investment and conservation, the role of government and law, and the influence of the social economy on mariculture development. It illuminates how local use and management of coastal resources is inseparable from specifically Ecuadorean cultural concepts, institutions, and practices. This places in relief the salient differences between management in the First and Third Worlds, illuminating how coastal zone management must not only be internally consistent, but cognizant of and integrated into the prevailing social, economic, and political conditions.