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 ?
Summary: TEHRAN (FNA)- Terrorists in Northwestern Syria have intensified trafficking of the body organs of Idlib citizens to Turkey to earn more money in the country's black market, a news website reported on Tuesday.
"If ISIL can be deprived of the oil black market, this will have a significant impact on its viability."
Within days, that data appeared - available for purchase - on black market websites.
Early one sunny April morning in 1947, Shukan Asahi journalist Akiyama Yoshinori boarded a black market train (yami ressha) in Chiba City to examine firsthand life in the black market (yami ichi).
Arms, sold legitimately or on the black market, go where the conflicts are.
A harm unique to discussions of cannabis black markets is the concern that contact with criminal drug dealers exposes cannabis users to "hard" drugs, such as heroin and cocaine (Kleiman 1992, Premier's Drug Advisory Council 1996, Lenton et al.
In this paper, we follow this approach to study implications of foreign exchange black markets on capital mobility in developing countries.
The development of a partial equilibrium model of black market exchange rate determination yielded an estimable model of the following form:
November 11, 2015 (WAU) -- The mayor of Wau town municipal council, Elia Kamilo Dimo has issued a local order prohibiting sale of fuel in black market within the region.
According to intelligence sources, almost 70-75 percent of U.S.-made weapons in Pakistan make their way into the black market through Afghan smugglers who buy these weapons from Afghan soldiers and policemen.
On the other hand, the smaller non-tire carbon black market will expand at a much stronger 5.2% per year through 2006, a significant recovery from the poor performance of the past decade, says the study "World Carbon Black."
The global carbon black market is forecast to rise 3.5 percent per year through 2006 to 8.6 million metric tons.