🌐 Global Economy 17h ago · Tyler Cowen

That was then, this is now

Marginal Revolution
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Around Hormuz, however, the Portuguese always had to be on guard.  Many naturally protected sandy coves (khors in Arabic) practically invited “pirates.”  The Nakhilu, or Banu Hula, were Sunni arabic speakers on the Gulf coast of Persia whose descendants still inhabit the Gulf coast of Iran.  For decades they set up upocket ports in the many hidden bandars and byways of the mountainous shore and created an underground economy that rivaled Hormuz’s.  These “pirates” w

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