4:00pm - 4:30pm
Title of Article: Case Study - Somali Pirates
Summary: In the so-called "failed" state of Somalia, where poverty is widespread and situations are dire, many fishermen and locals have since turned to piracy. Piracy, the alternative financial institution of Somalia, pays well, as each pirate receives a whopping $30000 to $75000, a far cry from the meagre $600 fishermen earn on average. The men's wives are even given compensation whenever the men go on missions. Furthermore, in this apparently lawless trade, there are rules and codes of conduct set up such that no hostages are to be harmed and rape carries a death sentence. Local Somali communities benefit from these illegal activities as well, providing many kinds of services to the pirates in exchange for loot and ransom money. It is no wonder that many say piracy has done more for Somalia than the government could ever have.