Surprisingly, pirates weren’t simply a band of outlaws who sailed together and kept pillaging until they were caught or until they died (although most if the times these things meant the same). In spite of their infamous reputation they had rules, laws, constitutions, democratic institutions among themselves which throws new light upon the popular images about them. Also, as they tried to make the most out of each of their prey and minimize their damage and costs, they can be considered as “floating businessmen” of their time. In my thesis I try to examine the structure, the mechanism of pirates during the Golden Era (1680-1730). I will analyse what rules and laws were needed to make the institution of piracy work.