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 ?
Over several days here, I was pretty good at spotting the basic black marketeer offering tickets from "a friend" who "wasn't able to make it."
"While fixing up the tryst with our destiny, Nehru, the builder of this midnight country, had also offered to erect a few lamp posts across the countryside - not to get us electricity but to hang the corrupt, the black marketeer and the hawala trader on".
Such was the demand from gardeners we could, like apprentice Black Marketeers, name our price.
The internet auction site has been flooded with tickets to the December 10 charity gig, despite a ballot system set up by promoters to beat the black marketeers.
But while the black marketeers make a killing, many 'Phonics fans were left ticketless for the Cwmaman band's performance at Cardiff International Arena on November 18, which sold out almost immediately.
He said: "I want to defend consumers' rights to shop around in the single market, but not at the expense of boosting bootleggers and black marketeers competing unfairly with local retailers.
They pointed out the raw deal the Yanks were getting, netting about $15 a pay fighting the war while men deemed unqualified for military service, black marketeers, and war workers were making a fortune safe and comfortable back home--and seducing your girlfriend on the side.
An additional 3,000 to 4,000 Poles, consisting of criminals, extortionists, and black marketeers, created a precarious daily existence for the hidden Jews, because of the possibility that they could expose them as well as their Gentile protectors.
Some of the phones never arrived at all--most likely pirated by black marketeers adept at fencing Western technology.
"Napoli Milionaria!," Eduardo Filippo's comic drama about black marketeers in World War II Naples; runs through Oct.
Webb is properly sinister as the doctors and black marketeers who keep holding out false hope, and a naughty joy as the various one-nighters who eagerly hop in and out of Anna's hotel bed.
IAEA officials told a technical meeting Iran had indicated to international black marketeers Tehran would purchase tens of thousands of magnets for sophisticated P-2 centrifuges that can enrich uranium to bomb-grade levels.