Why not pay off Somalia - and end piracy?

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Three economists have come up with a practical win-win solution to Somali piracy. While it costs the shipping industry some $1.5bn a year, the pirates only raise $120m in revenues. The paper compares the pirates to government tax collectors, and suggests that by putting the money into Somalia to support its people, everyone might be better off. Lloyds Loading List has written a summary or you can read the original London School of Economics blog by clicking Read more.