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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 Role of Regular Externalities in Pirate Law

In some pirates protected private property rights, privately as opposed to through a state. They created and enforced regulations that regulated externalities or behaviors that were likely to generate negative externalities privately. This is an actual example of an early 18th century pirate constitution. The lights were to be put out at 8 p.m. and drinking afterward restricted to the debt. No one was to strike one another on board and any quarrels between pirates were to be ended by duel.

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