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

black market

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 ?
According to the order, selling of fuel in black markets is prohibited and any fuel station or individual working in fuel stations selling fuel in black markets commits an offense and could, upon conviction, face life imprisonment or pay a fine of up to SSP 10, 000.
November 11, 2015 (WAU) -- The mayor of Wau town municipal council, Elia Kamilo Dimo has issued a local order prohibiting sale of fuel in black market within the region.
The study outlines the characteristics of the cybercrime black markets, with additional consideration given to botnets and their role in the black market, and "zero-day" vulnerabilities (software bugs that are unknown to vendors and without a software patch).
What makes these black markets notable is their resilience and sophistication, Ablon said.
The high cost of conversion has created a demand for contraband CFCs, which are conveniently delivered to the United States and elsewhere by a thriving black market.
As of the mid-1990s, some 20,000 tons of CFCs were being traded through black market channels, according to the EIA.
The global carbon black market is forecast to rise 3.
Then, too, there are corrupt public officials, military officers and former intelligence officials who have been able to take advantage of the uncertainty to access gray and black markets, often disregarding their own government's attempts to destroy weapons.
Within a few months of surrender an estimated 17,000 individual black markets were scattered throughout Japan's cities and towns.
Secrets car thieves don't want us to know (techniques used to fuel the black market trade in parts)
The Federal Board of Revenue has said that Pakistan's black market had grown to more than half the size of the formal economy, according to a researcher.
Delegates will receive a balanced view of where carbon black markets are heading, as well as the latest information on feedstocks and their pricing, according to the sponsor.