Contact: Caroline Priday

“Economist Leeson leads readers though a surprisingly entertaining crash course in economics in this study of high seas piracy at the turn of the 18th century. . . . Illustrated with salty tales of pirates both famous and infamous, the book rarely bogs down even when explaining intricate economic concepts, making it a great introduction to both pirate history and economic theory.”

—Publishers Weekly

In THE INVISIBLE HOOK: The Hidden Economics of Pirates, pirate expert and economist Peter T. Leeson guides us through the notorious and entertaining practices of some of the world’s most legendary pirates and explains how economics can help us understand their shocking behaviour. 

What many of us know about pirates of the seventeenth and eighteenth century can be summed up rather quickly—bands of scurvy seadogs attired properly (parrot at the shoulder, eye patch, peg leg optional) plundering merchant ships for booty and making their victims walk the plank. So, it may surprise many readers to learn that many piratical practices were quite forward-thinking. 

More than fifty yeas before the United States instituted constitutional democracy, pirate ships elected their captains democratically, used checks and balances to keep them in line, and punished captains who overstepped their bounds. And while most sailors joined pirate ships for financial reasons, it may surprise readers to learn that they also offered better health and retirement benefits and were, in some instances, far more tolerant than the merchant marine. Sailors on pirate ships were also treated better—less arbitrary corporeal punishment, better rations, and an equal share of the haul—than their legitimate counterparts on merchant ships. And as Leeson demonstrates—all of this can be explained by economics.

As Leeson writes, “It’s not just that economics can be applied to pirates. Rational choice is the only way to truly understand flamboyant, bizarre, and downright shocking pirate practices.”

With humour and intelligence, Leeson introduces us to pirate democracy, the pirate code, the economics of pirate torture and conscription, and their racial tolerance. Among the many questions Leeson considers: 

Why would pirate ships broadcast their malicious intent by flying a jolly roger flag?

• How were pirate captains elected and, more importantly, what were the systems of checks and balances pirates 
• employed to keep them in check?
•  
• What motivated sailors to choose the rogue life of a pirate when merchant ships were plentiful? Was the booty really
• worth the danger?

Why would these supposedly bloodthirsty curs show mercy to compliant prisoners?

Though Leeson’s examples are drawn from history, there are important correlations with contemporary piracy in and around Somalia. For example, French authorities recently recovered a “pirate manual” after capturing a pirate crew. This written guide to how to treat prisoners echoes the “pirate code” of lore—like their forefathers, Somali pirates recognize that it’s in their self-interest to respect their captives’ lives because they can make more money by restraining violence toward victims than unleashing it on them.

As Leeson noted in a recent article, “the ‘invisible hook’—is alive and well among Somali sea bandits. Blackbeard, Calico Jack Rackam, and the rest would be proud.”*

“A fresh and provocative take on the Golden Age pirates. Leeson writes with clarity and the depth of his research is impressive.”

—Colin Woodard, author of The Republic of Pirates

“Leeson’s excellent book helps us to understand who pirates were, and why they chose their infamous occupation. He uses economics to make sense of walking-the-plank and the Jolly Roger. This is a fun book, but also a volume rich with insights and analysis.”

—Edward Glaeser, Harvard University

Web Sources:

*Complete article available at the Princeton University Press blog: 

http://press.princeton.edu/blog/2009/01/21/adam-smith-meet-captain-hook-the-upside-of-pirate-greed-by-peter-leeson/

Visit Peter Leeson’s Web site:

 http://www.peterleeson.com/

About the Author:

Peter T. Leeson is the BB&T Professor for the Study of Capitalism in the Department of Economics at George Mason University.

THE INVISIBLE HOOK
The Hidden Economics of Pirates
Peter T. Leeson

Cloth | ISBN: 978-0-691-13747-6 | $24.95 / £14.95
296 pp. | 5 1/2 x 8 1/2 | 8 halftones. 1 table.

Pub date: 29, May 2009