Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:

 

Did pirates create the Credit Crunch?

16.10.2008
As the world’s money markets do their best to combat the Credit Crunch, a University of Sunderland politics lecturer has discovered that the root of modern democracy’s money woes may lay with the first corporations – pirates.

Dr Peter Hayes is Senior Lecturer in politics at the University of Sunderland. In his latest paper ‘Pirates, Privateers and the contract theories of Hobbes and Locke’ Dr Hayes argues that the roots of modern democracy were not in Britain or the USA, but were the ‘corporations’ which were created on pirate ships during the golden age of buccaneering.

Dr Hayes says: “Pirates elected their captain, voted on major decisions and distributed their booty in roughly equal shares, and there is something in the idea that a pirate ship is the equivalent of a modern corporation.

“In the 17th and 18th century privateers were backed by financiers, much like modern multi-national PLCs. The way that privateering was operating back in the golden age of buccaneering, is that a group of individuals come together, and agree to kit out a ship to sail the seven seas to see if they can pull in some gold. It was a global gamble for enormous rewards. These predatory voyages are the roots of modern venture capitalism, with these modern multi-national corporations out to get all they can get. That’s the sort privateering that led to the Credit Crunch.”

Dr Hayes argues that this raises troubling questions about whether rights in modern democratic states can truly be said to be human rights, as opposed to the rights held only by a select few corporations.

Dr Hayes says: “Pirates had a democratic structure, and relative equality, but they were doing all of this to violate the rights of other people. The idea of a social contract is that it protects human rights. But what if you create a social contact to say that we’ll observe rights towards each other, but we won’t observe rights for outsiders?”

Privateering was encouraged by governments including England where it was considered perfectly acceptable to capture a Spanish ship as long the Crown got a cut of the booty. Pirates even set up their own states in places like Madagascar, where they could hide their wealth from governments, and also share information – rather similar to offshore bank accounts for modern businesses.

Dr Hayes says: “Eventually the state stepped in to reward successful pirates, by calling them ‘privateers’ giving them knighthoods, and making them part of society, so it is more than likely that direct descendents of pirates like Henry Morgan are wandering around the ‘deck’ of modern companies today.”

"Pirates, Privateers and the Contract Theories of Hobbes and Locke," appeared in the History of Political Thought (Volume 29, Issue 3, autumn 2008).

Tony Kerr | alfa
Further information:
http://www.sunderland.ac.uk

Further reports about: Credit Credit Crunch Pirates democracy’s money human rights money markets

More articles from Business and Finance:

nachricht Mathematical confirmation: Rewiring financial networks reduces systemic risk
22.06.2017 | International Institute for Applied Systems Analysis (IIASA)

nachricht Frugal Innovations: when less is more
19.04.2017 | Fraunhofer-Institut für Arbeitswirtschaft und Organisation IAO

All articles from Business and Finance >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: A “cosmic snake” reveals the structure of remote galaxies

The formation of stars in distant galaxies is still largely unexplored. For the first time, astron-omers at the University of Geneva have now been able to closely observe a star system six billion light-years away. In doing so, they are confirming earlier simulations made by the University of Zurich. One special effect is made possible by the multiple reflections of images that run through the cosmos like a snake.

Today, astronomers have a pretty accurate idea of how stars were formed in the recent cosmic past. But do these laws also apply to older galaxies? For around a...

Im Focus: Visual intelligence is not the same as IQ

Just because someone is smart and well-motivated doesn't mean he or she can learn the visual skills needed to excel at tasks like matching fingerprints, interpreting medical X-rays, keeping track of aircraft on radar displays or forensic face matching.

That is the implication of a new study which shows for the first time that there is a broad range of differences in people's visual ability and that these...

Im Focus: Novel Nano-CT device creates high-resolution 3D-X-rays of tiny velvet worm legs

Computer Tomography (CT) is a standard procedure in hospitals, but so far, the technology has not been suitable for imaging extremely small objects. In PNAS, a team from the Technical University of Munich (TUM) describes a Nano-CT device that creates three-dimensional x-ray images at resolutions up to 100 nanometers. The first test application: Together with colleagues from the University of Kassel and Helmholtz-Zentrum Geesthacht the researchers analyzed the locomotory system of a velvet worm.

During a CT analysis, the object under investigation is x-rayed and a detector measures the respective amount of radiation absorbed from various angles....

Im Focus: Researchers Develop Data Bus for Quantum Computer

The quantum world is fragile; error correction codes are needed to protect the information stored in a quantum object from the deteriorating effects of noise. Quantum physicists in Innsbruck have developed a protocol to pass quantum information between differently encoded building blocks of a future quantum computer, such as processors and memories. Scientists may use this protocol in the future to build a data bus for quantum computers. The researchers have published their work in the journal Nature Communications.

Future quantum computers will be able to solve problems where conventional computers fail today. We are still far away from any large-scale implementation,...

Im Focus: Wrinkles give heat a jolt in pillared graphene

Rice University researchers test 3-D carbon nanostructures' thermal transport abilities

Pillared graphene would transfer heat better if the theoretical material had a few asymmetric junctions that caused wrinkles, according to Rice University...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

Ecology Across Borders: International conference brings together 1,500 ecologists

15.11.2017 | Event News

Road into laboratory: Users discuss biaxial fatigue-testing for car and truck wheel

15.11.2017 | Event News

#Berlin5GWeek: The right network for Industry 4.0

30.10.2017 | Event News

 
Latest News

NASA detects solar flare pulses at Sun and Earth

17.11.2017 | Physics and Astronomy

NIST scientists discover how to switch liver cancer cell growth from 2-D to 3-D structures

17.11.2017 | Health and Medicine

The importance of biodiversity in forests could increase due to climate change

17.11.2017 | Studies and Analyses

VideoLinks
B2B-VideoLinks
More VideoLinks >>>