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:
“It is in our interests to let the police and their employers go on believing that the Underground is a conspiracy, because it increases their paranoia and their inability to deal with what is really happening. As long as they look for ringleaders and documents they will miss their mark, which is that proportion of every personality which belongs in the Underground.”
—Germaine Greer (b. 1939)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)