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 ?
Finally, as one of the defining structures of crisis, the black market represents a world decidedly un-Japanese, at least according to perceptions of Japan on this side of the Pacific.
The American arms broker I interviewed said that a shoulder-fired SA-7 surface-to-air missile, an older Russian model that is largely ineffective against the most modern military aircraft but deadly if used by a terrorist against a commercial airliner, goes for about $8,000 on the black market.
Not only has the Russian government taken little action to limit overproduction by these plants, Brack says, but the hard currency available for CFCs on the black market poses "a major temptation in an economy undergoing such dramatic convulsions.
Figure 2 shows how the black market gets started, but it does not show how the black market ends up.
According to China Carbon Black Market Forecast & Opportunities, 2017 the demand for carbon black in China is expected to grow at the compounded annual growth rate of more than 10% by 2017 which is anticipated to drive the market to a market value of nearly US$ 7 Billion by 2017.
Due to the little official trading in the Sudanese pound the currency black market is considered as an indicator of the health of the national economy.
In 2014, Asia-Pacific garnered a lion's share in global specialty carbon black market owing to booming infrastructure, construction and automotive sectors in the region.
Global carbon black market will continue to exhibit promising growth over the next five years on the back of increasing demand worldwide.
We will take technical measures in the coming period to control the currency black market," Ramez said.
Black market dealers were offering to buy dollars for about 7.
Summary: Sudan's currency has fallen to a record low against the dollar on the black market since South Sudan started reducing cross-border oil flows in a row over alleged support for rebels, dealers said.
According to him, the pilferage of the cylinders and their supply to the black market happens at the level of the delivery agent.