Planet Money The case of the serial sinking Spanish ships
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Jan 5, 2024 In the 16th century, Spanish galleons faced a staggering shipwreck rate during voyages between Manila and Acapulco. Surprisingly, pirates weren't the main culprits. Instead, a mix of monsoon storms, economic pressures, and reckless decisions contributed to these maritime disasters. Historians and economists dive deep into the intricate web of trade, corruption, and risk management that led to the tragic loss of cargo and lives. The complex dynamics of early globalization and the quest for profit ultimately unravel a captivating tale of maritime mystery.
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Manila Galleon Trade Route
- Spanish galleons, massive ships, sailed between Mexico and the Philippines.
- One in five ships wrecked traveling from Manila to Acapulco, a staggering loss rate.
Conflicting Incentives
- Merchants, the crown, and captains all had incentives to prevent shipwrecks.
- Yet, wrecks persisted due to conflicting individual motivations and risk calculations.
Investigating the Shipwrecks
- Suspects included pirates, war, bad weather, and inexperienced captains.
- Data from ship logs, coral reefs, and typhoon records were analyzed.