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Archive for April, 2010

What Can Be Learnt From Piracy

What drives the recent resurgence of piracy, especially in the Gulf of Aden and along other major trade routes? In a recent book, Peter T. Leeson argues that by examining the piracy that reached its peak between the end of the seventeenth and the early eighteenth century, and preyed on the major trade routes, one may hope to get a clearer understanding of modern piracy. Leeson, writes reviewer Daniele Archibugi, adopts a thoroughgoingly economic perspective, according to which pirates have historically aimed at obtaining the maximum result with the least effort and above all minimum risk. The prospect of high profits, together with strict rules for social organisation and a striking commitment to principles of equality, made piracy a lucrative and attractive profession in the arly 18th century – with one important downside: when captured, pirates would almost always be hanged.