Pirates enforced effort and discouraged shirking through positive incentives—bonus shares of booty for being first to spot a prize or for exceptional valor in battle—rather than through legal threats like court-martial, since they lacked formal legal institutions.

causalpending

Speaker

Peter Leeson

Evidence Quote

if you were seen to have displayed exceptional valor during battle... they would give you an extra share of booty which was laid out in the in the Constitution

Source

Peter Leeson on Pirates and the Invisible Hook 05/25/2009EconTalk
Created: 6/17/2026, 10:31:31 AM

My Notes

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