Chapter 6: Black markets
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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