Law and Economics of Pirate Tolerance

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* Book: The Invisible Hook: The Law and Economics of Pirate Tolerance.

URL = http://www.peterleeson.com/The_Invisible_Hook.pdf


Description

Danny Spitzberg:

"The ever-present “mutiny” element helped pirate ships become both competitive and democratic. On pirate ships, captains only earned 2x the rest of the crew, and could be replaced whenever they displayed cowardice or failed to go after a bounty. Occasionally, pirate ships would form a fleet for collective action against really big bounty. They also had many black crew members who were free men and participated at all levels, from crew to captain. The merchant marine, on the other hand, operated as a slave ship with 6x differences in income and a punitive approach to handling nearly everything. Mercantilism helped build empires, but even good commerce is hardly democracy." (https://medium.com/@daspitzberg/the-thin-community-we-get-from-marketing-2e9803b81ef0#.3tn7kf362)

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