I have a hypothesis that the Nassau pirates were a successful socialist economy. The Flying Gang/Republic of Pirates was founded mostly from former privateers (legally sanctioned and "licensed" marauders). The democratic and socialist nature of the republic was a growing threat to royalty and the American ruling class, especially given that Africans could be full crew members and even captains with all the rights afforded those roles. Furthermore, European royalty and American capitalists were the only ones "allowed" to pillage native lands. The pirates were in turn sacking European and American ships of their ill-gotten and exploitative gains.

Having a socialist, comparatively egalitarian and equitable society amidst the Carribean sugar plantations was too much of a threat to the ruling classes. The pirates were ruthlessly pursued and purged from history. Sure, King George I (and some others? don't recall) first tried to bring the Nassau pirates (back) into the fold with offers of amnesty. This is analogous to offering modern engineers well-paying jobs; most terrorists whose names you know start out as engineers*. The ruling classes first wanted to put the pirates' skills to use for their own gain. Benjamin Hornigold was one who returned, hunting down his former peers.

*think about that the next time you run across a bored, disgruntled engineer

I find it very odd that books on the golden age of piracy all remark how the pirates supposedly kept no records, yet discuss at length how the pirates had healthcare, disability, pensions, equitable wealth distribution... these things all require assiduous record-keeping. And so my bullshitspiration is that there were records. But the campaign to wipe out the pirates was so thorough that we are now led to believe that the pirates were just brigands and chaotic anarchists.