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 ?
This is because interest rates of the unofficial market have a high variation range.
The move was encouraged by the fall of the currency in parallel, unofficial markets.
Without the unofficial market makers, retail investors - whose trades can comprise about a third of total trading volumes - would have little reason to trade the Malaysian market.
The two markets, the official market with sky-high prices and the unofficial market with realigned prices will make ridiculous bedfellows.
As an unofficial market regulator the RSTC has the trust of the people and is an important stabilising force in Eritrea's transition from command to liberal economy.
The consumer countries have become increasingly impatient at what they see as the unrealistic aspirations of some of the producer countries, and they have been infuriated by the unofficial market which has been allowed to flourish, with non-Member buyers being awarded what were in effect premiums, while Member countries paid both their ICO dues and higher prices for their green supplies.
The higher the price beggars pay for licenses (originally issued free) on the unofficial market the more desperate and predatory their begging will be, and the more likely that the beggars will resort to violence to pay off the raised cost of the investment.
The sources said that companies are still having difficulties in acquiring dollars from banks, adding that this could revitalise the unofficial market.
The dollar limits had been imposed in only February 2015 to curb what Moody's said was the growing unofficial market for foreign exchange outside of the banking system.
This new reference rate is still far stronger than the value of the Rial in the country's unofficial market rate of 33,000 Rials, a rate at which most Iranians can access hard currency.
Dollar started selling at Rs102 in the unofficial market compared to Rs99.

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