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).

The Columbia Electronic Encyclopedia™ Copyright © 2013, Columbia University Press. Licensed from Columbia University Press. All rights reserved.

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
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While the floods that adversely affected fuel logistics scaled up the costs of transportations, black-marketers went on the looting spree to cash in on the opportunities.
The manner in which the government has given almost a free hand to hoarders, smugglers and black-marketers, the galloping inflation has badly disoriented the less privileged section of the population which is rapidly slipping down the poverty line.
It employs 15 staff from a well-known security firm for pavement patrol, and closely monitors the internet to weed out black-marketers.
Police said the deadly alcohol was sold openly to poor farmworkers at liquor stores under the brand name Thunderbolt, a well-known cheap sugarcane liquor; police suspect black-marketers refilled discarded bottles with a mixture of methanol, which is normally used as an antifreeze in cars.
Meanwhile, Deputy Commissioner Hamza Shafqaat said illegal manufacturing and decanting of cylinders would not be allowed, and passed orders to all assistant commissioners to launch an effective crackdown against black-marketers selling LPG on exorbitant rates.