MARITIME PIRACY AND ITS CONTROL — AN ECONOMIC ANALYSIS
|Author(s)||Thomas J. Micell, C. Paul Hallwood|
|D O W N L O A D|
Everyone knows that the maritime piracy is the oldest and classic the international crime; in the frames of the international law the pirates are commonly and deservedly treated as the "enemies of mankind". Though it was prevalent in the period between and including XVII and XVIII centuries, regretfully maritime piracy has not completely gone away.
Nowadays, the maritime piracy mainly affects the waters off West and East Africa and Southeast Asia, but it can and does strike worldwide at any time. It is considered a very serious threat to the international maritime shipping, imposing highest financial costs together with the costs of welfare and even human life. Over the past ten years three thousand or more actual and attempted pirate attacks were reported, and the annual costs were estimated somewhere between six and seven billion dollars.
This amount is actually down from as much as sixteen billion just a few years ago—due in large part, we believe, to the increasing use of on-board armed guards. Still, the problem remains a significant one that has bedeviled international efforts at enforcing anti-piracy laws. The purpose of this monograph is to use economic methods both to describe the nature of maritime piracy and to understand the difficulties involved in organizing optimal enforcement efforts...
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