Marcus Rediker's Theory Of The Pirate Economy

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Pirate Economy Marcus Rediker contends that pirates were “economically parasitic on the mercantile system,” and familiar, though unaffected, with the economic system of the Atlantic. (REDIKER 227). He theorizes that their free wage labor practices and criminal subculture gave them the necessary tools and knowledge to fight against “brutal and unjust authority.” (REDIKER 227). Many people often marvel at how the system of organized anarchy that was piracy existed in economics. Economist and pirate aficionado, Peter Leeson believes that the invisible hook is the key to understanding the contradiction of piracy's organized anarchy. He models his theory on Adam Smith's invisible hand theory: if criminals (pirates) wish to go beyond “one-man …show more content…

The flags of a pirate's ships were part of a ruse to draw in unsuspecting ships. A ship would fly the flag of a prey's nation, then once it was close the black skull and cross bones, known as The Jolly Roger, would be raised. Flags were developed to reduce the cost of taking prey: a flag's color signaled a pirate's intention. The Jolly Roger was a later evolution from a red flag. The flag came to symbolize, not only piracy but sure death. Many pirates adopted the Jolly Roger simply to designate a ship as a pirate ship, keeping the red flag as a symbol for death. Many crews developed their own flags, but the goal was always the same: to frighten the target (LEESON 70). Upon seeing the flag of a pirate ship, it was hoped that the prey ship would surrender without a fight, at an attempt at survival. There was an economic motive behind the intimidating flag: the less damaged the plunder, the greater the profit. Flags were a way to designate what pirates were, in economics, it is called “signaling.” (LEESON 70). These flags were used to distinguish pirate ships from other assaulting ships, like coast guards or enemy ship during war. The symbolism of a pirate's flag helps illustrate how piracy was a business venture, even if said business was not part of a “legitimate” economic

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