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 ?
Individually, the amount of money made may be marginal, analysts said, but collectively, profits form a huge chunk of the underground economy.
The law is a first step in addressing problems with the underground economy, by attacking the most legitimate part of it: staffing agencies.
Schneider estimates the size of the underground economy in the U.
According to the Romanian Information Service, "the main channels" of underground economy supply placed in the domains of tax and custom evasion (decrease of value or of quantity declared at the customs) are counterfeit goods, illicit manual labor in companies (intended defective management of book-keeping, unfolding of fictive operations), disloyal competition and funds misapplication.
We need to target noncompliance and the underground economy, and be as effective as possible in collecting taxes owed to the state.
Measurement of the underground economy is addressed in Part 2.
Many of those living in unimaginable poverty are dependent on the underground economy.
As an example, in the opening lines of "On My Block" Scarface describes the underground economy as: "a either working or ya slanging cocaine on my block.
In most countries, policymakers view the underground economy negatively, but not in Cuba's case," he said.
The size of the underground economy and tax evasion have long been of interest and empirically investigated in a number of recent studies.
An underground economy has emerged which is propelled by the gray-market selling of Corey Duffel vinyl punching bags.

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