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).

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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
Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005
References in periodicals archive ?
First, let us check that with "endowments" ([c.sup.*.sub.1], [c.sup.*.sub.2]), the interest rate R = [R.sup.*] is an equilibrium interest rate in the hidden market. Note that from [c.sup.*.sub.2] > [c.sup.*.sub.1] we get [R.sup.*] > 1 and from [c.sup.*.sub.1]/1 > e > [c.sup.*.sub.2]/[??] we get [R.sup.*] < [??], so 1 < [R.sup.*] < [??].
However, later hidden employment grew a little bit (the number of employees in hidden market reached 230 thousand in the middle of 2001).
However, they warn that if social concerns are incorporated into public procurement contracts, they "open the door to the risk" of introducing hidden market distortions.
Art establishes its province by negating or refusing the market, and sociology establishes itself by revealing the hidden market within art.
They are finding their customers are leaving their stores and going a few doors down to buy their commodity NBC items that they would normally buy in the food store." (For more information on how to attract low-income consumers, see "Tapping the hidden market," page 20.)
You may save the marketing fee (several thousand dollars), but most of us don't know how to present ourselves in the best possible way, nor do we know how to tap into the "hidden market" during a search.
Here you can turn an inauspicious corner on a bend in the road and, like Harry Potter discovering Diagon Alley for the first time, you suddenly find yourself plonked in the most delightful hidden market.
(For more on the increasing income polarization, see "Tapping the hidden market" page 20).