The British Journal of Criminology recently published an analysis titled "The Protection Choice: An Application of Protection Theory to Somali Piracy" by Anja Shortland, reader in political economy at King's College London, and Frederico Varese, professor of criminology at Nuffield College at University of Oxford. (It takes a little time for the article to transfer.)
The authors conclude that building infrastructure, fostering regional trade, and more generally providing alternative sources of income to local communities in Somalia is the best way to fight piracy. While this is not a new argument, the authors put more flesh on the bone than most others who have suggested this approach. The authors also acknowledge there has been a sharp drop in Somali piracy over the past two years for other reasons.
The Conversation published on 10 July 2014 a summary of their arguments titled "Want to Stop Somali Piracy? Build Better Roads."