Essay

Economic Incentives and Institutional Choice on the High Seas

A common sailor on a 17th-century merchant vessel often faced low wages, harsh discipline from a powerful captain, and little to no say in the ship's operations. When captured, these sailors were frequently offered a chance to join the pirate crew. From an economic perspective, analyze the key institutional differences between the two vessels that would make joining the pirates a rational and attractive choice for this sailor, despite the significant legal risks.

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Updated 2025-08-12

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