Overseas Trade and the Decline of Privateering

Bibliographic Data

ID10105033
AuthorsHenning Hillmann, H C Hillmann (0009-0006-5232-6792, University of Mannheim, corresponding author), Christina Gathmann (0000-0002-9158-0375, University of Mannheim, corresponding author)
Year2011
Volume71
Issue3
Pages730-761
Publication date2011-09-13
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueThe Journal of Economic History (JOURNAL)
Journal identifiersISSN: 0022-0507 • E-ISSN: 1471-6372
PublisherCambridge University Press (CUP) (PUBLISHER)
DOI10.1017/s0022050711001902
OpenAlexW3124139654
LanguageEN
Citations received10
References cited55

Using a novel data set on 2,483 British privateering cruises, we show that state-licensed raiding of commercial vessels was a popular and flourishing business among merchants that took a serious toll on enemy trade from 1689 to 1815. Why, then, did privateering merchants gradually turn away from these profitable endeavors? We show that the expansion of overseas trade increased the opportunity costs for merchants and resulted in the decline of privateering. Our findings document that the decline of privateering had as much to do with an expanding maritime economy as with the rising naval power of the British state

Adversary · Business · Economics · Economy · Flourishing · State (computer science · Toll · Colonialism, slavery, and trade · Global trade and economics · Law, logistics, and international trade