Bloomberg View: The Lessons of the Costa Concordia; Make Economics Transparent

In 1912 the RMS Titanic, the largest and most advanced passenger liner of its day, sank, reminding the world there is no such thing as an invincible ship. The Costa Concordia, one of a class of cruise ships so enormous they are essentially floating towns, lies half-submerged off the coast of Italy, making the same point today. The Titanic tragedy, which claimed some 1,500 lives, ushered in a new era of maritime safety law. The question raised by the Costa Concordia debacle, in which 11 people have died and 24 are missing, is whether the world’s maritime authorities are sufficiently enforcing those measures.

Passenger reports strongly suggest that the crew did not comply with the most basic international safety standards. Their actions speak of insufficient training and discipline, which led to panic and chaos. At least some passengers say they received no safety briefing on board, and conflicting instructions about whether to stay in their rooms or abandon ship.