Scourge of the Seas - Again! Anti-piracy Services and International Trade Costs

After near eradication in the 20th century, piracy is again imposing significant costs on the conduct of international trade in the 21st century. In response, there has been a significant increase in the provision of anti-piracy services from both the private and public sectors. The costs associated with providing these services are considerable and it is difficult to assess their cost-effectiveness. The underlying economic forces that affect the efficacy of anti-piracy measures are explored. The conclusion is that a return to the pirate-free status of the latter part of the 20th century is unlikely.