SOX first looks at The Invisible Hook by Peter Leeson. An excerpt:
Pirates were very much into branding. The aim was to strike terror into the hearts of the general public. Again, it was all about maximizing profits and keeping a lid on costs. Piratical costs included crew casualties and damage to the ship. As a result, they came up with the Jolly Roger, the logo that would signal to other ships that they would spare no quarter and slaughter all who resisted. Their targets would peacefully submit, reducing the potential costs. Pirate torture of victims also served the same purpose although as Leeson points out, they didn't make anyone walk the plank. That would be too quick and easy and would not serve the purpose of spreading terror.
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