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Overseas Trade and the Decline of Privateering

Author

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  • Hillmann, Henning
  • Gathmann, Christina

Abstract

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.

Suggested Citation

  • Hillmann, Henning & Gathmann, Christina, 2011. "Overseas Trade and the Decline of Privateering," The Journal of Economic History, Cambridge University Press, vol. 71(3), pages 730-761, September.
    • Handle: RePEc:cup:jechis:v:71:y:2011:i:03:p:730-761_00
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    Cited by:

    1. Attila Ambrus & Eric Chaney & Igor Salitskiy, 2018. "Pirates of the Mediterranean: An empirical investigation of bargaining with asymmetric information," Quantitative Economics, Econometric Society, vol. 9(1), pages 217-246, March.
    2. Nicholas Kyriazis & Theodore Metaxas & Emmanouil M. L. Economou, 2018. "War for profit: English corsairs, institutions and decentralised strategy," Defence and Peace Economics, Taylor & Francis Journals, vol. 29(3), pages 335-351, April.
    3. Peter Solar, 2013. "Opening to the East: shipping between Europe and Asia, 1770-1830," Working Papers 13013, Economic History Society.

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