black market

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Black market

An illegal market.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
The wage data considers only earnings from the formal sector, not the underground market. And it measures only wages paid in Cuban pesos, not payments in Cuba's dollar-like currency.
Soaring commodity prices are fuelling the underground market for copper, lead and other non-ferrous metals, with thieves going to any lengths in order to cash in on the price boom.
Meanwhile, Makkah police said that they have arrested a gang composed of a Saudi, two illegal Yemenis and a Sudanese car mechanic who stole cars from Makkah, dismantled them in a desolate area near Taif and sold the parts in the underground market. The police said during the past two years, the gang stole more than 60 cars and stripped them at a workshop owned by the Sudanese mechanic about 140 km away from Makkah.
In the second half of 2009 the online gaming underground market became saturated and the sellerEoACAOs market quickly became a buyerEoACAOs market.
A new system of bar coding pharmaceutical drugs in Abu Dhabi is aimed at thwarting the lucrative underground market for counterfeit medicines, The National reported Friday.
The county coroner said there were "inconsistencies in what they said was in these containers and what we found." Though the heads were reportedly a gift for medical research, "there is an underground market for these things, and we want to make sure we haven't stumbled upon some type of underground market," the coroner noted.
Once a month, under the cover of darkness, passionate vendors converge at the SF Underground Market to give eager crowds a taste of what they've been making.
And even if they are not stealing them for personal use, their ties to the underground market draw suspicion.
"They come at a time when the overall taxation model proposed risks rendering the French offer uncompetitive in a global market, and could drive consumer demand towards an underground market with no consumer protection."
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.

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