Piracy and its impact on the economy

Abstract

This thesis attempts to shed light on the growing threat maritime piracy has on the economy along with possible solutions (military and diplomatic operations) the world can take to combat this threat. Maritime piracy has been around since the beginning of time. As the first sea going vessels entered the water, there were pirates attempting to pillage their goods. In the twenty first century, the country of Somalia has become the major hub of operations for maritime pirates. They operate mainly in the Gulf of Aden and the Horn of Africa (HOA). Maritime piracy will never be completely eradicated, but through diplomatic and military means the threat can be greatly reduced. The International Maritime Bureau (IMB) keeps detailed records of each attack in order to establish trends and assistance in eradicating the threat of maritime piracy. While the overall impact of piracy has yet to be determined, the fact remains that sea piracy, either directly or indirectly, affects citizens on an international level. Although this problem will likely never be completely eradicated, it is necessary, through means of collaborative diplomacy and military forces; to work together internationally in order to decrease the impact maritime piracy has on global society.