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Black market

A black market, underground economy, or shadow economy is a clandestine market or


transaction that has some aspect of illegality or is characterized by some form of noncompliant
behavior with an institutional set of rules. If the rule defines the set of goods and services whose
production and distribution is prohibited by law, non-compliance with the rule constitutes a black
market trade since the transaction itself is illegal. Parties engaging in the production or distribution of
prohibited goods and services are members of the illegal economy. Examples include the drug
trade, prostitution (where prohibited), illegal currency transactions and human trafficking. Violations
of the tax code involving income tax evasion constitutes membership in the unreported economy.[1][2]
Because tax evasion or participation in a black market activity is illegal, participants will attempt to
hide their behavior from the government or regulatory authority.[3] Cash usage is the preferred
medium of exchange in illegal transactions since cash usage does not leave a footprint.[4] Common
motives for operating in black markets are to trade contraband, avoid taxes and regulations, or skirt
price controls or rationing. 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 that, while legal, are unofficial, unauthorized, or unintended by the original manufacturer,
and the white market.

Black money is the proceeds of an illegal transaction, on which income and other taxes have not
been paid, and which can only be legitimised by some form of money laundering. Because of the
clandestine nature of the black economy it is not possible to determine its size and scope.

Background

Mercado Negro, so called "Black Market", in La Paz, Bolivia.

The literature on the black market has not established a common terminology and has instead offered
many synonyms including: subterranean; hidden; grey; shadow; informal; clandestine; illegal;
unobserved; unreported; unrecorded; second; parallel and black.

There is no single underground economy; there are many. These underground economies are
omnipresent, existing in market oriented as well as in centrally planned nations, be they developed or
developing. Those engaged in underground activities circumvent, escape or are excluded from the
institutional system of rules, rights, regulations and enforcement penalties that govern formal agents
engaged in production and exchange. Different types of underground activities are distinguished
according to the particular institutional rules that they violate. Four major underground economies can
be identified the informal economy

the illegal economy

the unreported economy

the unrecorded economy


The "illegal economy" consists of the income produced by those economic activities pursued in violation
of legal statutes defining the scope of legitimate forms of commerce. Illegal economy participants
engage in the production and distribution of prohibited goods and services, such as drug trafficking,
arms trafficking, and prostitution.

The "unreported economy" consists of those economic activities that circumvent or evade the
institutionally established fiscal rules as codified in the tax code. A summary measure of the unreported
economy is the amount of income that should be reported to the tax authority but is not so reported. A
complementary measure of the unreported economy is the "tax gap", namely the difference between
the amount of tax revenues due the fiscal authority and the amount of tax revenue actually collected. In
the U.S. unreported income is estimated to be $2 trillion resulting in a "tax gap" of $450$500 billion.

The "unrecorded economy" consists of those economic activities that circumvent the institutional rules
that define the reporting requirements of government statistical agencies.[7] A summary measure of the
unrecorded economy is the amount of unrecorded income, namely the amount of income that should
(under existing rules and conventions) be recorded in national accounting systems (e.g. National Income
and Product Accounts) but is not. Unrecorded income is a particular problem in transition countries that
switched from a socialist accounting system to UN standard national accounting. New methods have
been proposed for estimating the size of the unrecorded (non-observed) economy.[10] But there is still
little consensus concerning the size of the unreported economies of transition countries.[11]

The "informal economy" comprises those economic activities that circumvent the costs and are
excluded from the benefits and rights incorporated in the laws and administrative rules covering
property relationships, commercial licensing, labor contracts, torts, financial credit and social security
systems.[7] A summary measure of the informal economy is the income generated by economic agents
that operate informally.[12][page needed][13] The informal sector is defined as the part of an economy
that is not taxed, monitored by any form of government, or included in any gross national product
(GNP), unlike the formal economy. In developed countries the informal sector is characterized by
unreported employment. This is hidden from the state for tax, social security or labour law purposes but
is legal in all other aspects.[14] On the other hand, the term black market can be used in reference to a
specific part of the economy in which contraband is traded.

https://en.wikipedia.org/wiki/Black_market

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