A more thorough explanation:

Definition: Privateering is the act of allowing privately owned merchant ships to be armed for the purpose of attacking enemy trading ships. In the past, governments would commission privateers by issuing letters of marque to their merchant fleets. However, privateering was outlawed by the Declaration of Paris Concerning Naval Warfare of 1856, which has been followed by almost all nations since then.

Example: During the 17th and 18th centuries, privateering was a common practice among European nations. For example, the British government issued letters of marque to privateers during the Napoleonic Wars, allowing them to attack French ships and seize their cargo.

Explanation: This example illustrates how privateering worked in practice. The British government authorized private individuals to use their own ships to attack French vessels and take their goods as prizes. This was seen as a way to weaken the enemy's economy and disrupt their trade routes. However, privateers were also motivated by the prospect of making a profit from the sale of captured goods. Privateering was a risky business, as privateers could be captured or killed by enemy ships or face legal consequences if they violated the rules of war.