The Microeconomics of Somali Piracy
By Brandon Scott
Originally Written in 2010
Crime Pays, and piracy pays very well these days. Piracy is by far not a new issue. In the first few years of the 19th century the United States had to send Marines to the shores of Tripoli to combat an enduring piracy problem. However, the last few years the world has been seeing a drastic increase in piracy off the East African coast. In increase to such an extent it has brought global adversaries together to combat the threat. Since 2007, the number of successful pirate attacks has increased nearly fourfold. There were a total of 293 pirate attacks worldwide in 2008, of which 38% occurred within the Gulf of Aden or off the coast of Somalia (Leader). Read More
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