** I. Introduction

** II. A “Nest of Rogues

** III. Merchant Ship Organization

*** A. Efficient Autocracy

*** B. The Problem of Captain Predation

** IV. Pirate Ship Organization

*** A. Piratical Checks and Balances

*** B. Pirate Constitutions

** V. Was Pirate Organization Efficient?

*** A. Pirate Booty

*** B. A Comparison to Privateer Organization

*** C. A Comparison to Explorer Organization

** VI. Conclusion