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 ?
A substantial underground economy may equally jeopardize the economic and social soundness.
But for workers in the state's underground economy, who they work for is often a mystery.
But Venkatesh's sometimes messy trips across the barrier between academia and the underground economy are very much in keeping with the story of a world in which boundaries are increasingly fluid and social networks ever more dynamic.
Europe's shift towards an underground economy is happening far faster than in the U.
To address this situation, we need to come up with a method that provides individuals in the underground economy with a reason to be legitimate; however, the number of undocumented individuals living in this country, coupled with certain industries that will never be legitimized, will keep the underground economy vibrant and growing.
This paper investigates the connection between the underground economy (UGE) and tax evasion.
However, the underground economy is likely to revive in the near future due to game and expansion pack releases such as "CataclysmEoACA[pounds sterling] for World of Warcraft and Diable 3.
Some of the most used definitions present underground economy as an economic activity which is not registered in official evidences or any economic unregistered activity that currently contributes to the obtaining (calculation) of GDP (Gross Domestic Product).
We're working really hard on the underground economy and trying to find people who are evading taxes or getting paid under the table and not filing taxes on that income," Franchise Tax Board spokeswoman Holly McDonell said.
We will put an end to the law of gangs, the law of silence, the law of trafficking," he said, by installing new "intervention teams" mobilised day and night against an underground economy "poisoning the lives of the neighbourhoods.
With his red hair and fake accent, 29-year-old Russell blended into the underground economy of Dublin, US cops claimed.
While mainstream theory presupposes an authority vested with the power to enforce property rights, the underground economy functions largely without such third-party intervention or its shadow.

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