The Rise, Fall, and Rise Again of Privateers

by on April 16, 2007 at 7:18 am in Economics, History | Permalink

In August 1812, the Hopewell, a 346-ton ship laden with sugar, molasses, cotton, coffee, and cocoa, set sail from the Dutch colony of Surinam. Her captain was pleased because he reckoned that in London the cargo would sell for £40,000–the equivalent of at least several million dollars in today’s economy. The Hopewell carried fourteen guns and a crew of twenty-five, and for protection she sailed in a squadron of five other vessels. It was difficult, however, to keep a squadron together in the vast expanse of the Atlantic Ocean, and on August 13 the Hopewell became separated from her sisters.

    Two days later her crew spotted another ship, armed and approaching rapidly…

That’s the opening of my latest paper, The Rise, Fall, and Rise Again of Privateers.

Hat tip to Jesse Walker at Hit and Run and Instapundit both of whom spotted this before me!

guest April 16, 2007 at 8:07 am

Could you comment on the feasibility of Letters of Marque and Reprisal as an alternative to the U.S war on terror?

Cyrus April 16, 2007 at 9:05 am

Letters of marque might attract people to profitable violent occupations, such as armed robbery, but for unprofitable violent occupations, only direct compensation can suffice. While busting terror cells might sometimes lead to large seizures of cash or commodities, my gut feeling is that this is rare enough to not be worth it.

Now, licensing privateers to fight the war on drugs would be another thing entirely. Violently suppressing a profitable commercial enterprise is almost guaranteed to generate loot.

Gabriel Rossman April 16, 2007 at 1:00 pm

I enjoyed the article quite a bit but you left out a big problem with privateers which is that they are rather disappointed with peace. For instance, after Queen Anne’s War many British privateers (most famously Blackbeard) refused to acknowledge obsolescence and became pirates.

wslmwps August 17, 2007 at 1:21 am

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