The Spanish Empire's shipwreck problem

Fernando Arteaga, Desiree Desierto, Mark Koyama interviewed by Tim Phillips, 04 December 2020

When the galleon San José sank in a typhoon in 1694, it was carrying a cargo worth 2% of the GDP of the entire Spanish empire. Fernando Arteaga, Desiree Desierto and Mark Koyama tell Tim Phillips about how bribes sank Spanish treasure ships.

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Topics:  Economic history

Tags:  bribes, colonial empire, Corruption, international trade, Mexico, monopoly, Philippines, rent-seeking, risk, safety

Fernando Arteaga

Postdoctoral Fellow, Economics Department, University of Pennsylvania

Desiree Desierto

Affiliate Faculty, George Mason University

Mark Koyama

Associate Professor in Economics, George Mason University

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