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Imagine the Pacific Ocean in the 16th century. Spanish galleons sailed the vast ocean, carrying precious cargoes such as silver, porcelain and textiles. The waters were dangerous; logbooks show that people were worried about pirates. But pirates were not the culprit for the mysterious incidents that continued to occur.
Because, you know, one in five ships that departed from Manila never reached Acapulco. This was a much higher rate of sinking than other routes at the time. And the mystery of the serial deaths of Spanish ships remains unsolved to this day.
All those involved with these Spanish ships had one goal in mind: not to destroy the Spanish ships. Yet, they destroyed them. Three economists conducted an analysis The incentives of profit and risk at the time, and to find the key to unlock this ancient treasure (knowledge).
This episode is hosted by Mary Childs and Kenny Malone. It was produced by James Sneed, edited by Jess Jiang, fact-checked by Sierra Juarez, and designed by Cena Loffredo. Alex Goldmark is the executive producer of Planet Money.
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Music: SourceAudio – “Paradetas,” “Espanoletta,” “Old Masters Of The Golden Age,” and “Canarios.”
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