Sunday, May 31, 2009
Leeson on Pirates
Posted by Simon Halliday | Sunday, May 31, 2009 | Category:
Microeconomics,
Political Philosophy
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Leeson provides evidence to indicate that pirate ships ran with democratic institutions (elected captains and quartermasters), that they obeyed unanimously ratified constitutions, and that they had universal suffrage for crew members regardless of race or gender (approximately 25-30% of crews were black and they all had equal voting rights). If you have the time, read the paper, it is a highly commendable piece of work and should be relatively easy to read for the non-economist, though it may require you to look up some ideas like 'principal-agent problems'.
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Thanks for pointing to this. I thoroughly enjoyed the article, though I really shouldn't have spent time reading it! :-)
The bit about whether pirate institutions were efficient really annoyed me. Bad, bad, comparative method + manifest economists' trained incapacity.