black market

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Black market

An illegal market.

Black Market

A market for products that are illegal, stolen, or otherwise need to be hidden from regulatory authorities. A black market encompasses the horrific (e.g. human trafficking) as well as the more mundane (e.g. participating in the market to evade taxes). Legal products on a black market are usually less expensive than on the regulated market because sellers do not pay taxes on their goods and services. That said, there is little or no recourse for the customer if and when a black market product fails. It is worth noting that black markets tend to be largest in jurisdictions where there are the most regulations and government monopolies. It is also known as an underground market.

black market

an unofficial or ‘under-the-counter’ MARKET trading in a product which the government has declared to be illegal (for example narcotic drugs), or on the sale of which the government has imposed controls thus limiting its availability.

black market

an ‘unofficial’ market that often arises when the government holds down the price of a product below its equilibrium rate and is then forced to operate a RATIONING system to allocate the available supply between buyers. Given that some buyers are prepared to pay a higher price, some dealers will be tempted to divert supplies away from the ‘official’ market by creating an under-the-counter secondary market. See BLACK ECONOMY.
References in periodicals archive ?
The transaction method resulted in a negative hidden economy for the period 1939-68, which illustrated a falling informal economy in the era of World War II.
Weck-Hannemann, "The Hidden Economy as an Unobserved Variable," European Economic Review, 26, no.
The barter transactions are not included in the analysis which has led to an understatement of the hidden economy.
This report details the hidden economy and the damage it does to natural resources and personal income, and urges the eradication of policy distortions, inefficiency, corruption and illegal activities.
For United States the measure of hidden economy has been declining since postwar period as is suggested by Park (1979) from 9.
Economic expert Fahad bin Juma'a predicted that the volume of the hidden economy in the Kingdom will reach SR330 billion, or 17 percent of the Kingdom's gross domestic product (GDP) based on the UN data.
The HMRC report suggests tax is not making it to the Treasury coffers for a variety of reasons, including tax evasion and avoidance, as well as customer error, the hidden economy, criminal attacks and where tax cannot be collected because businesses have become insolvent.
Cash-in-Hand Work: the underground sector and the hidden economy of favours.
In this book, academics in English and languages examine the hidden economy of institutional service in higher education, with special emphasis on service work performed by women and minorities.
Two myths need quashing: gangmasters don't just exploit immigrants and it doesn't only happen in the hidden economy.