Entity: BLACK-MARKET
The black market refers to the illegal buying and selling of goods in violation of legal regulations such as price controls or rationing.
BLACK MARKET
Etymology
The term 'black market' originated from the concept of markets operating in the shadows, away from the oversight of legal authorities.
Definition
The black market involves the illicit buying and selling of goods in violation of legal price controls, rationing, or other regulations. It is characterized by transactions that are not compliant with institutional rules.
Historical Context
Black markets have existed throughout history, often thriving during times of economic hardship, war, or political instability. They provide a means for individuals to access goods that may be scarce or heavily regulated.
Cultural Significance
The black market has cultural significance as a symbol of resistance against oppressive regulations and as a source of livelihood for marginalized communities. It also raises ethical questions about the impact of illegal trade on society.
Related Concepts
- Gray market: Involves the legal sale of goods through unauthorized channels, often bypassing official distribution networks.
- Underground economy: Refers to all economic transactions that occur outside government-regulated channels, including both legal and illegal activities.
See Also
A clandestine market or series of transactions that operates outside legal boundaries, often involving the illegal trading of goods or services.