The Black Market: A Shadow Economy

The Nubian Square Public Art Initiative is born out of the collective vision of the Roxbury community. In 2019, Black Market launched a series called “Dudley in Crisis” to workshop with local residents a collective strategy that would support the ongoing work. This series amplified ongoing efforts by elder community leaders to join in the collective district rebranding of Dudley square to Nubian square—an afro-centric collective identity. The name change was an important first step in establishing cultural precedent from historical and social visibility and a sense of self-preservation.

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The black market, also known as the shadow economy, is a complex and often misunderstood aspect of the global economy. It refers to the buying and selling of goods and services that are illegal or unregulated by the government. While it may seem like a minor issue, the black market has far-reaching implications for both developed and developing countries.

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The Size and Scope of the Black Market

• So, I couldn’t reach Wayne, so I called Joe, and I guess in the meantime, since Alphonso had left they had hired Jaco.
• In truth, the best hope for growth in most emerging economies lies in the shadows.
• The shadow economy has a long history and continues its existence until today.
• Those who may buy this way include criminals to use for illegal activities, gun collectors, and otherwise law-abiding citizens interested in protecting their dwellings, families, or businesses.

They chart a 66% increase in the illegal ivory trade that aligned with the announcement of legalizing ivory sales. Further study of various data available on the black market implies that an increase in elephant poaching was linked with the legal sale. The authors show that partial legalization of banned goods does not reduce black market activity effectively. A black market is a transaction platform, whether physical or virtual, where goods or services are exchanged illegally. What makes the market “black” can either be the illegal nature of the goods and services themselves, the illegal nature of the transaction or both.

Estimating the size and scope of the black market is difficult due to its clandestine nature. However, it is believed to account for up to 10% of the world’s GDP, or around $600 billion annually. The black market includes a wide range of activities, from drug trafficking and arms dealing to human trafficking and counterfeiting. It also includes the sale of legal goods and services that are sold tax-free, such as cigarettes and alcohol.

Illegally Logged Timber

The Impact of the Black Market on Society

The black market has a significant impact on society, both positive and negative. On the one hand, it can provide goods and services to people who might not otherwise have access to them. For example, in countries where the government regulates the sale of certain goods, such as cigarettes or alcohol, the black market can provide a way for people to obtain these products at a lower price. On the other hand, the black market can also have a negative impact on society, such as by fueling criminal activity and undermining the rule of law.

When workers can’t find jobs in the above-ground economy, they may turn to jobs in the underground economy. Along with the distaste for the inconvenience of rationing, Americans unlimited desires for scarce goods spurred illicit markets. In a government commissioned video depicting a shady market transaction between a woman and a butcher, the woman claims, “I guess you have to pay to get what you want these days.” [14] This quote demonstrates how black markets spread. According to psychologist, Robert Cialdini, when goods are scarce, individuals want the goods more. [15] Many citizens hated denying themselves to help the war cause. Despite the rhetoric and social pressures of sacrificing for the war cause, the self-centeredness of human nature often won out.

The Role of the Internet in the Black Market

The internet has played a significant role in the growth of the black market, making it easier for people to buy and sell illegal goods and services online. Websites such as the Silk Road, a now-defunct online marketplace, allowed users to buy and sell drugs, weapons, and other illegal items using the digital currency Bitcoin. The anonymity of the internet has made it easier for criminals to operate in the black market, making it more difficult for law enforcement to track and prosecute them.

Conclusion

The black market is a complex and often misunderstood aspect of the global economy. While it may provide some benefits, such as making goods and services more accessible to people, it also has significant negative consequences, such as fueling criminal activity and undermining the rule of law. The growth of the internet has made it easier for people to participate in the black market, making it more difficult for law enforcement to track and prosecute criminal activity. As a society, it is important to understand the black market and its implications in order to develop effective strategies for addressing this complex issue.