black market
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AI overview
A black market is a system where people buy and sell goods or services in ways that break the law, often to avoid taxes, regulations, or government restrictions. It matters because it can affect prices in the legal economy, reduce government revenue, and sometimes involve dangerous or substandard products that wouldn't pass official safety checks.
AI-generated from the Wikipedia summary — may contain errors.
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A black market in Shinbashi in 1946 Illegal street traders in Barcelona in 2015
A black market is a clandestine market or series of transactions that has some aspect of illegality, or is not compliant with an institutional set of rules. If the rule defines the set of goods and services whose production and distribution are prohibited or restricted by law, non-compliance with the rule constitutes a black-market trade since the transaction itself is illegal. Such transactions include the illegal drug trade, prostitution (where prohibited), illegal currency transactions, and human trafficking.