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Black market: meaning, definitions and examples

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black market

[ blæk ˈmɑːrkɪt ]

Noun

^{Context #1 | Noun}

illegal trading

A black market is an illegal system of buying and selling goods, usually in violation of government regulations. It operates outside the formal economy and is characterized by the absence of taxation, regulation, or oversight.

Synonyms

illegal trade, shadow economy, underground market.

Which Synonym Should You Choose?

Word	Description / Examples
black market	Used primarily to describe an illegal or covert marketplace where goods and services are exchanged without government oversight or regulation. Often involves the sale of prohibited items. He bought the rare artifact on the black market. Black market operations thrive in regions with strict trade regulations.
underground market	Similar to 'black market' but often emphasizes the clandestine nature of the transactions. This term can apply to a wide range of illegal or unregulated trade. Cryptocurrency transactions are sometimes part of the underground market. The underground market for stolen goods is thriving.
shadow economy	Encompasses all economic activities that are hidden from official regulators and tax authorities. This term is broader and can include legal activities that are not reported for taxation purposes. The shadow economy makes up a significant portion of the national GDP. Many small businesses operate in the shadow economy to avoid taxes.
illegal trade	Refers to the practice of buying and selling goods or services that are illegal under current laws. This term is frequently used in discussions about activities like drug trafficking, human trafficking, or the illegal wildlife trade. Authorities are cracking down on illegal trade in endangered species. Illegal trade is a major concern for law enforcement agencies.

Examples of usage

Many people turn to the black market to purchase goods that are not easily accessible through legal channels.
The black market for counterfeit goods has been thriving in recent years.

Translations

Translations of the word "black market" in other languages:

🇵🇹 mercado negro

🇮🇳 काला बाज़ार

🇩🇪 Schwarzmarkt

🇮🇩 pasar gelap

🇺🇦 чорний ринок

🇵🇱 czarny rynek

🇯🇵 闇市 (やみいち)

🇫🇷 marché noir

🇪🇸 mercado negro

🇹🇷 kara borsa

🇰🇷 암시장 (amsijang)

🇸🇦 السوق السوداء

🇨🇿 černý trh

🇸🇰 čierny trh

🇨🇳 黑市 (hēishì)

🇸🇮 črni trg

🇮🇸 svartur markaður

🇰🇿 қара нарық

🇬🇪 შავი ბაზარი

🇦🇿 qara bazar

🇲🇽 mercado negro

Etymology

The term 'black market' originated during World War II, when goods were scarce and rationed. People would engage in illegal trading to obtain items that were not available through official channels. The black market has since evolved into a complex network of illegal trading activities, spanning various industries and regions. Despite efforts to combat it, the black market continues to thrive due to demand for prohibited or restricted goods.