The Invisible Hook?
Remember back in the late 1700s, when the United States was still just a puppy with really big paws? Back then, Adam Smith was a guy who wrote some of the very first books about the economy and the way we think about it now. You may even know that he described something called the “Invisible hand” of market forces, which essentially describes how people acting in their own self-interest actually do a lot of good for the society as a whole for a variety of complex reasons. We call this counter-intuitive stuff capitalism, generally. And we mostly like it these days, inside of our fairly orderly, modern society.
Thus I ask… what if you were a Pirate?
And no, not in the bit torrent sense of the word (good heavens!) What if you had not an invisible “hand” of the market, but instead an invisible “hook” where the hand used to be.
And so, what if you were a part of a floating society of up to 150 democratic citizens (sure to be put to death if ever caught) commanded by only a handful of leaders? What would your economy be like if you were a pirate? Would Alan Greenspan lower your interest rates? :)
If you ever wondered how democracy worked aboard a pirate ship, or how barely literate people of every race worked together smoothly under on-board written contractual law, or how money and incentives worked… then check it out.
If you have an extra hour and a few extra brain cells (sadly I’m not entirely sure how I met both of these requirements, but I did listen anyhow)… you might want to check out http://www.econtalk.org/archives/2009/05/leeson_on_pirat.html for an interesting free internet audio discussion with an author that explores just such questions in just the right amount of detail.
He even gets into a bit how the old pirate culture and economics mesh with the current (2009) style of sea piracy. Int-ARRR-esting stuff!
Here’s more on the author: http://www.peterleeson.com/TheInvisibleHook.html
