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 ?
- Strategic analysis: This includes M&A, new product development, and competitive landscape of carbon black in the carbon black market.
The website now publishes a daily list of foreign currency exchange rates on the black market. That is the source the Iran Times is now using for its chart.
This means that tobacco smuggled into the country accounts for 76% of the total tax lost to the black market, while street sales make up 24%.
It needs to realize that if the rules are too many or too tight, they will be welcomed only by the black market.
Central Bank Governor Hisham Ramez promised investors in November to eliminate the black market in one-year's time.
The pound was trading at 7.89 to the dollar on the black market shortly after the central bank's auction on Thursday, according to one trader.
The black market appeared almost as soon as rationing began.
However, she added that Ankara is deeply concerned about the growth of Isil and its potential to cause instability within Turkey itself, and is also under significant pressure from Europe and the United States to better monitor the black market and to try to halt its activities.
"Like any sort of black market smuggling operation, if you devote the resources and the effort to attack it, you are unlikely to eradicate it, but you are likely to put a very significant dent in it," a senior administration official told The New York Times.
the RAND Corporation, Juniper said that the cyber black market constituted a
"The new director was appointed only about a month ago but he closed the gas station of the YPC and gave its share of diesel to private gas stations that sell diesel on the black market," added Al-Haddad.
The study outlines the characteristics of the cybercrime black markets, with additional consideration given to botnets and their role in the black market, and "zero-day" vulnerabilities (software bugs that are unknown to vendors and without a software patch).

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