Law and Economics for Civil Law Systems
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Law and Economics for Civil Law Systems

Ejan Mackaay

Ejan Mackaay offers a comprehensive look at the essential points of economic reasoning, the Coase Theorem, and legal institutions such as intellectual property, extra-contractual civil liability and contracts. The book’s structure mirrors the way law is taught in civil law countries, with structured presentations, references to civil code articles paired with non-technical explanations, and limited reliance on graphs. This English-language version builds on the success of the author’s 2008 French-language textbook on law and economics from a civil law perspective.
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Chapter 6: Black markets

Ejan Mackaay


The term black market refers to economic activities voluntarily conducted outside of State control; one resorts to black markets to evade State prohibitions, regulation or taxes. A range of terms is used to refer to the phenomenon: black, grey, invisible, subterranean, hidden, shadow, informal, clandestine, illegal, unobserved, unreported, unrecorded, second or parallel markets; the black, grey, shadow, underground, unofficial, hidden, irregular, marginal or parallel economy; black, illicit or under- the- table work. The term ‘grey market’ is sometimes reserved for trade in goods or services that is not by itself illegal, but whose distribution channel is unauthorised, unofficial or unintended by the original manufacturer or producer. Whatever the name, these phenomena appear to have a common core that economic analysis can bring to light.

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