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Ep. 687: Peter Leeson Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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The Problems With Pirates

Piracy in the early 18th century was necessarily jointly produced. It would have been difficult to undock as a one-man pirate group, let alone overwhelm an armed merchant ship. A large percentage of many pirate crews consisted of black pirates who preferred pirating to being slaves. So you have a racially diverse and a geographically diverse group of pirates. They existed in truly anarchic communities with no appeal whatsoever to the state.

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