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 ?
After the fuel shortage in Wau, operating stations were reserved only for government use and business people, but station managers turned to the black market to make profits.
However, experts disagree on who will be the most affected by the growth of the black market, what products will be on the rise and which types of attacks will be more prevalent, Ablon said.
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).
The image of the black market as a historical marker, forged in the crucible of defeat, is powerfully persuasive, but also misleading.
This perspective also highlights the fact that the black market was not merely the end product of socio-economic chaos.
collected stories, I also argue that the black market was not just a world of hardship but also one of protest and opportunity, a world driven by conflict and self-interest where sacrifice "for the sake of our nation" (waga kuni no tame ni) seemed as scarce as white rice became in the latter years of the war.
Drugs produced in black markets are not manufactured under any safety or health regulations and are not labelled with ingredients or potency.
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.
Those in favour of more liberal drug laws in the United States often argue that one of the benefits of the legalisation of heroin and cocaine would be to undermine the black markets for these drugs and the related private and social harms.
t] is the black market exchange rate at time t and [S.
The development of a partial equilibrium model of black market exchange rate determination yielded an estimable model of the following form:
b] is the black market exchange rate; R is the official rate; L is the government holdings of foreign exchange; P is the ratio of domestic to foreign price levels; and A is a measure of national income, proxied by industrial production.