Rethinking capitalist transformation of fisheries in South Africa and IndiaDrawing on the notion of Foucauldian governmentality, other scholars have argued that the small-scale sector or what they term the "need economy" is a product of primitive accumulation. The state must, in conditions of democracy, address the welfare needs of all those who have been dispossessed in order to govern. We engage with this theorization in the context of fisheries and argue that seeing small-scale fisheries only as a product of primitive accumulation and Foucauldian governmentality ignores the moral economies of these fisheries. By analyzing capitalist transformation of fisheries in two "democratic" countries, South Africa and India, we highlight how small-scale fishers resist increasing marginalization and how governments have afforded a measure of protection to this sector, and confirm the importance of their moral economies to sustainable and equitable fisheries in the future.