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 ?
Last week, Wau town municipal council authorities said its security personnel seized 68 fuel barrels of fuel from night smugglers who intended to benefit from the black market.
Three Somalia nationals operating a fuel station in Wau were arrested and ordered to, within 24 hours, leave Wau town on allegations of promoting sale of fuel in the black market.
Hyper-connectivity will create more points of presence for attack and exploitation so that crime increasingly will have a networked or cyber component, creating a wider range of opportunities for black markets.
Within days, that data appeared - available for purchase - on black market websites.
While special blacks are a minor segment of the overall carbon black market as measured in tonnage, they command considerably higher per-kilogram prices than commodity furnace blacks, and thus will continue to be the focus of research and development activity.
Arms, sold legitimately or on the black market, go where the conflicts are.
With the official food distribution system running as much as twenty days behind schedule in some cities, brokering and transporting of illegal goods became essential to large black markets like Ameyokocho and provided badly need employment for those who had no other option.
49) Some of this was recovered by the occupation forces after they arrived at the end of August but much of it vanished, only to reappear again in the myriad black markets throughout Japan.
However, the United States policy literature has dealt primarily with cocaine and heroin black markets in fairly unique urban environments.
Lawman Armor, manufacturers of AutoLock, will update the media on the auto theft techniques used to fuel the black market trade in parts.
made weapons in Pakistan make their way into the black market through Afghan smugglers who buy these weapons from Afghan soldiers and policemen.
If black market exchange rates fully reflect all historical price information, including current expectations about the future rate (i.