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> For pirates, the solution was multifaceted, but the most critical components were: * Profit sharing - The riches captured by a pirate vessel were split amongs
by vageli 7y ago
> For pirates, the solution was multifaceted, but the most critical components were: * Profit sharing - The riches captured by a pirate vessel were split amongst the pirates in a remarkably egalitarian model. * Democracy - The Captain and Quartermaster of a pirate ship were elected democratically by the crew.
> The result was pirate ships were able to outfox the established navies of the time and manage ships with crews upwards of 100 all without the support of established judicial systems.
This is fascinating to me. Do you happen to have any references or further reading you're willing to share?
- ryandvm 7y agoDefinitely, I highly recommend Peter Leeson's book on the subject, The Invisible Hook: https://www.amazon.com/Invisible-Hook-Hidden-Economics-Pirates/dp/0691150095 https://www.amazon.com/Invisible-Hook-Hidden-Economics-Pirat...