General consideration is given to the present status of the Antarctic ecosystem. Concern is expressed about the risks which might result from harvesting in a marine ecosystem still not correctly evaluated. Attention is drawn to the possible impact of such activities on adjacent and dependent ecosystems. Three possible goals for the rational management of the Antarctic marine living resources are considered taking into account practical possibilities of achievement; risk to the stability and diversity of the system; economic feasibility and benefits for humanity. The first two goals are the restoration of the ecosystem to pre­exploitation level, and the conservation of the ecosystem at the present level. The third goal reflects the objectives of Article II of the CCAMLR Convention. This goal is considered the most appropriate. It is concluded that the current state of knowledge of the Antarctic Marine Ecosystem does not permit elaboration of a multispecies model. There is however sufficient information to allow use of a range of single-species models which may assist in predicting changes and laying down a basis for sound management. The single­species models adapted for this purpose could then be used in the development of or as components of multi­species ecosystem models. Some immediate management actions are proposed.