Pirate Captains During the 1600s Compensated Crewmembers with a Form

question 88

Multiple Choice

Pirate captains during the 1600s compensated crewmembers with a form of health insurance. If a member lost a hand or leg or other appendage during a fight, he would get a free prosthetic (e.g., a wooden leg, which were quite expensive even then) . What kind of incentive structure does this most closely resemble? (Hint: Those who lost a limb generally did so because they were doing a larger share of the fighting.)

• A) hourly rates
• B) tournaments
• C) piece rates
• D) corporate culture

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Definitions:

Chicago School

An economic school of thought originating from the University of Chicago, emphasizing free-market principles and the reduction of government intervention in the economy.

Urban Culture

The characteristic way of life of urban populations, including their cultural forms, expressions, and experiences unique to cities.

Urbanism

A way of life that, according to Louis Wirth, involves increased tolerance but also emotional withdrawal and specialized, impersonal, and self-interested interaction.

Commodified

The process of treating something that cannot be owned or was not previously considered as such, as a product that can be bought, sold, or traded in the marketplace.