Hillmann, Henning; Gathmann, Christina - In: The Journal of Economic History 71 (2011) 03, pp. 730-761
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...