http://www.cnn.com/2013/04/12/business/piracy-economy-world-bank/
This article interested me because sometimes people forget there are still pirates out there today. I did not realize the impact they still have. This report shows it cost the global economy $18 billion per year. Trading companies spend a lot more money on insurance and other things to protect their boats and when pirates do succeed in attacking boats, they will lose all of the supplies and it is crazy to think about how big of an impact this truly is.
This is an interesting topic. People think pirates were a thing of the past but they are still a present day problem. Countries need to start doing something to eliminate this pirate problem. It is unfortunate that trading companies are forced to pay more due to external factors and the crew men of the ships are constantly putting their lives at risk from the pirates.
ReplyDeleteI thought this article was very interesting as well. I always see these stories about pirates on the news but never truly think of the impact they have on the economy as a whole. I was amazed by the amount they cost the global economy and always thought they had minor effects with most of the impact coming from taking hostages. Hopefully, countries around the globe are able to come up with ways to reduce this risk or get ride of these pirates completely.
ReplyDeleteIf they are costing this much money in the global economy why is nothing being done about them? If there were only a few cases of these pirates causing pandemonium then it would not big a huge deal, but 18 billion? I think that is way to high of a number for us to not be more concerned.
ReplyDeleteThis is a very interesting topic, because Pirates are so hard to imagine. I read somewhere that these pirates were actually fishers whom life had forced into a life of piracy. Though I never thought that pirates would have such a large impact on the economy and this is indeed an eye-opening/surprising read.
ReplyDeleteWhen I think of Pirates today it almost seems kind of absurd but they are a huge threat to shipping vessels especially in the Indian Ocean. This is only good news to insurance agencies who will see profits rise as more ships decide to insure their cargo in case there ship gets attacked by pirates. It seems ridiculous but it is something that is a real danger.
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