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 ?
The attraction is not only due to the large profits to be made and consequent financial independence, however, but is also due to the liminal status and whiff of criminality inherent in black-marketeering. Violette is initiated into the black market by the same person who first encourages her to write: Maurice Sachs, with whom she 'elopes' to Normandy.
Like writing, black-marketeering provides Leduc's narrator with a way out from the oppressive cycle of master-slave relationships in which the protagonist of La Batarde has been hitherto entangled.
They often turned to crime from eve-teasing to black-marketeering, petty thefts or joining gangs to ease their frustrations or earn a living.
But successive Pakistani governments have successfully wagered that chronic instability and the imminent dangers of terrorism and nuclear black-marketeering would leave the world with no choice but to bail them out, regardless of their failures," Fair said.