Pirates are the very essence of profit maximising entrepreneurs described in neoclassical economics. Yet, whilst films such as 'The Pirates of the Caribbean' and 'Butch Cassidy and the Sundance Kid' have gone a long way to popularise both pirates and outlaw behaviour, the truth of the matter is that piracy is illegal, and it kills.
The risks of piracy spreading beyond the Red Sea and Indian Ocean, off the Somali coast, and in the Straits of Malacca and Singapore and beyond are substantial.
In the long run, with profits from piracy greater than international finance mobilised to solve the problem, we can expect piracy to increase geographically and in sophistication.
