Piracy, Inc.—on the bearing of the firm analogy to pirate organization

Piracy, Inc.—on the bearing of the firm analogy to pirate organization Peter T. Leeson’s The Invisible Hook provides an illuminating economic analysis of how pirates established governance structures regulating their organization. Leeson is successful in showing economic rationales for piratical institutions and adopts the view of the piratical enterprise as a for-profit business firm to further illustrate the point. This essay argues, however, that modern theories of the firm are not fully compatible with the nature of piratical organization. Rather, pirates seem to have suffered from problems much like those in traditional cooperatives, arising from organizing collective action and joint ownership of the means of production. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

Piracy, Inc.—on the bearing of the firm analogy to pirate organization

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Publisher
Springer US
Copyright
Copyright © 2010 by Springer Science+Business Media, LLC
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1007/s11138-010-0106-4
Publisher site
See Article on Publisher Site

Abstract

Peter T. Leeson’s The Invisible Hook provides an illuminating economic analysis of how pirates established governance structures regulating their organization. Leeson is successful in showing economic rationales for piratical institutions and adopts the view of the piratical enterprise as a for-profit business firm to further illustrate the point. This essay argues, however, that modern theories of the firm are not fully compatible with the nature of piratical organization. Rather, pirates seem to have suffered from problems much like those in traditional cooperatives, arising from organizing collective action and joint ownership of the means of production.

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Apr 23, 2010

References

  • The nature of the firm
    Coase, RH

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