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What are the challenges of piracy in the 21st century and what are the legal frameworks aimed to deal with the threat of piracy?

The threat of piracy did not end in the early modern period. Piracy simply changed its form and evolved to deal with modern sea voyage and contemporary movement of goods. In this week's post, begin with describing the modern problem of piracy then state what are the legal measures International Maritime law has developed to deal with this problem. Do you think these measures are sufficient or do you think there is room to develop more legal doctrines to combat modern piracy?