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 Gulistan underground market, situated in the heart of Dhaka is popular among the locals.
Indeed, there is no better justification for testing legal modes of exchange than the very depredations of the underground market.
EUROPE'S only underground market has caves of twinkling lights, music and demonstrations of traditional craftwork and homemade produce from Nov 14 to Dec 21.
A visit to the relatively new underground market place at Wafi Mall in Dubai shows clearly that the influx of new money is not only being translated into oversized cars and jewellery, but is equally transforming homes into period inspired surroundings.
The group's annual report concluded that the unauthorized transfer of small arms and light weapons into the underground market contributes to crime, insurgency and violence throughout the world.
It's an underground market place which deals in all sorts of things, not just credit card numbers.
As Asian bear populations have plummeted, poachers are turning to bears in the US to satisfy this underground market.
A technical symposium, tutorials, new technology presentations, panel discussions, case histories and specialty workshops have all been incorporated into the UCT program to supply the best possible practical and effective information--even solutions--to meet the rigorous demands of the underground market place.
A few films have received limited releases in US theaters, but most people rent them in stores or buy pirated copies in a thriving underground market in Haitian-American communities.
According to a 2005 study for Bear Stearns by Robert Justich and Betty Ng, an estimated 4 million to 6 million jobs nationally have "shifted to the underground market," and 5 million illegal immigrant workers nationwide duck their taxes.
The gun industry has long sought to avoid accountability for supplying the highly profitable underground market.
There is an underground market in the online trade of these animals as pets and the Sunday Mercury hasshown that to be the case today.

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