The rise, fall and rise again of privateers.

From: Independent Review | Date: March 22, 2007| Author: Tabarrok, Alexander | Copyright information

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 [pounds sterling]--the equivalent of at least several million dollars in today's economy. (1) 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...

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