An-arrgh-chy: The Law and Economics of Pirate Organization

Peter T. Leeson ()

Journal of Political Economy, 2007, vol. 115, issue 6, pages 1049-1094

Abstract: This article investigates the internal governance institutions of violent criminal enterprise by examining the law, economics, and organization of pirates. To effectively organize their banditry, pirates required mechanisms to prevent internal predation, minimize crew conflict, and maximize piratical profit. Pirates devised two institutions for this purpose. First, I analyze the system of piratical checks and balances crews used to constrain captain predation. Second, I examine how pirates used democratic constitutions to minimize conflict and create piratical law and order. Pirate governance created sufficient order and cooperation to make pirates one of the most sophisticated and successful criminal organizations in history. (c) 2007 by The University of Chicago. All rights reserved..

Date: 2007
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