Here's the Tragedy of the Commons for all to see, where no one and everyone owns the resource. Eventually it's used, abused and used up. Our socialist federal forests (the commons) are one example of the resource being destroyed by our government's Marxist policy.
I'm not familiar with ITQ. Will check it out.
You are totally right about government-owned public resources; bureaucratic and politcal management are recipes for incompetent management and sweet deals to favored industries ("rent-seeking").
Outside the US and the developed nations, the problems are usually much worse, because either technology leads to a truly unfettered race (as in fisheries) or public resources are being sold off cheap to line the pockets of wealthy elites.