How to Fight Pirates : The New Yorker

Cicero once called pirates the “enemy of all”; more recently, some experts have described piracy as having an exceptional business model. As of 2011, pirates were holding about six hundred seafarers hostage; some of the ransoms paid were in the multi-million-dollar range. Oceans Beyond Piracy, a Colorado nonprofit, estimated in 2011 that piracy had cost the shipping industry more than six billion dollars that year. With profit margins of twenty-five per cent to thirty per cent, pirates are “the very essence of rational, profit maximising entrepreneurs described in neo-classical economics,” the economist Peter Middlebrook has written.

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via How to Fight Pirates : The New Yorker.

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