black market


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black market,

the selling or buying of commodities at prices above the legal ceiling or beyond the amount allotted to a customer in countries that have placed restrictions on sales and prices. Such trading was common during World War II wherever the demand and the means of payment exceeded the available supply. Most of the warring countries attempted to equalize distribution of scarce commodities by rationing and price fixing. In the United States black-market transactions were carried on extensively in meat, sugar, tires, and gasoline. In Great Britain, where clothing and liquor were rationed, these were popular black-market commodities. In the United States, rationing terminated at the end of the war, but a black market in automobiles and building materials continued while the scarcity lasted. In the decades following World War II, as the countries of Eastern Europe were trying to industrialize their economies, extensive black-market operations developed because of a scarcity of consumer goods. Black marketing is also common in exchange of foreign for domestic currency, typically in those countries that have set the official exchange value of domestic currency too high in terms of the purchasing power of foreign money. Black-market money activities also grow when holders of domestic currency are anxious to convert it into foreign currency through a fear that the former is losing its purchasing power as a result of inflation. See also bootleggingbootlegging,
in the United States, the illegal distribution or production of liquor and other highly taxed goods. First practiced when liquor taxes were high, bootlegging was instrumental in defeating early attempts to regulate the liquor business by taxation.
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Bibliography

See W. Rundell, Black Market Money (1964).

black market

1. 
a. any system in which goods or currencies are sold and bought illegally, esp in violation of controls or rationing
b. (as modifier): black market lamb
2. the place where such a system operates
References in periodicals archive ?
The black market appeared almost as soon as rationing began.
Another expert quoted by The New York Times alleged that Turkey has been turning a blind eye to the oil trade because it benefits from the lower price of smuggled black market oil.
cyber black market is plagued by 'criminals' - people trying to swindle cyber-criminals
Ali Abdulla Thabit, a minibus driver, said: "the private gas stations assigned to provide diesel to bus drivers sell diesel on the black market while bus drivers wait in front of these stations in vain.
In the wake of several highly-publicized arrests and an increase in the ability of law enforcement to take down some markets, access to many of these black markets has become more restricted, with cybercriminals vetting potential partners before offering access to the upper levels.
d2k) shutdown of Silk Road on 1 October , Black Market Reloaded saw a big increase in traffic as customers sought an alternative place to buy illicit items.
Muna Saqr, another arrested staff member, was quoted confessing that the office had recently sold $220,000 on the black market.
He said: "If the Tobacco Products Directive legislation proposed by the EU is adopted by the Irish Government Irish consumers will be further pushed to the black market as it will ban 46% of tobacco products, which may then be purchased from the illegal market.
It's a vicious circle," said one banker, who spoke under condition of anonymity, explaining that banks do not have enough hard currency to meet their clients' needs, which in turn pushes those clients towards the black market.
Professionals argue the black market stems from economic instability in the Kingdom including the development of different economic policies affecting the price index, unemployment rates, unfair competition between citizens and expatriates, a rise in commercial fraud, and monopolies.
THE fashion for expensive baby buggies is fuelling an increasing number of thefts and a thriving black market, it was claimed today.
10 are being sold in the black market for additional charges of Rs 150, while, Rs.