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 ?
Rosvoorouzhenie, the state-owned firm that handles about 90 percent of overseas sales, publishes a weapons catalogue that offers "not only the most updated high-tech samples of Russian armaments but also a variety of tailor-made versions compatible with systems manufactured in other countries." Moscow's weapons have also been liberally supplied to black-market dealers.
Meanwhile, groups like Human Rights Watch and Global Witness are pressing governments to take steps to restrict the black-market trade.
In off the record conversations, they say that because virtually all black-market transfers take place outside the U.S., American officials can only pass on information to foreign law enforcement agencies and urge them to take action.
Once steroids became contraband, many athletes bought black-market anabolics that, unbeknownst to them, were spiked or cut with other drugs or intended solely for veterinary use.
A tourist can't walk more than a block along a street in Havana without meeting at least one black-market merchant offering to sell cigars, rare coins, a private taxi, a meal in a private home, or a date with whichever sex one might prefer.
The deal fell through when he couldn't find any gas for sale even though he had both coupons to buy legal gas and dollars to buy black-market gas.
The Director/ Partner of Gola(UP) based firm had deposited DDs on behalf of kotedars and managed to get issued BPL foodgrain and black-marketed the same.