A black market or underground economy is the market in which illegal goods are traded. Due to the nature of the goods traded, the market itself is forced to operate outside the formal economy, supported by the established state power. Typically the totality of such activity is referred to with the definite article as a complement to the official economies, by market for such goods and services, e.g. "the black market in bush meat".
The black market is distinct from the grey market, in which commodities are distributed through channels which, while legal, are unofficial, unauthorized, or unintended by the original manufacturer, and the white market, the legal market for goods and services.
Worldwide, the underground economy is estimated to have provided 1.8 billion jobs.
Read more about Underground Economy: Background, Pricing, Consumer Issues, Size of The Global Black Markets, Organized Crime, Appearance and Disappearance, See Also
Famous quotes containing the words underground and/or economy:
“The only free road, the Underground Railroad, is owned and managed by the Vigilant Committee. They have tunneled under the whole breadth of the land.”
—Henry David Thoreau (1817–1862)
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