| 1. | the illicit buying and selling of goods in violation of legal price controls, rationing, etc. |
| 2. | a place where such activity is carried on. |
[blak-mahr-kit] 
| 1. | to black-marketeer. |
| 2. | to sell (something) in the black market. |
| black market n.
|
The illegal buying and selling of goods above the price fixed by a government. Black markets usually develop when, because of war, disaster, or public policy, a government tries to set prices for commodities instead of allowing the normal operations of supply and demand to set prices.
Black Market
A type of economic activity that takes place outside of government-sanctioned channels. Black-market transactions typically occur as a way for participants to avoid government price controls or taxes, conducting transactions 'under the table'. The black market is also the means by which illegal substances or products - such as illicit drugs, firearms or stolen goods - are bought and sold.
Investopedia Commentary
While the black market is commonly associated with criminal activities involving drugs or weapons, it also has a financial component: black currency-exchange markets almost always appear when government controls on exchange rates prevent the use of natural exchange rates in the global marketplace.
Related Links
Handcuffs And Smoking Guns: The Criminal Elements Of Wall Street
Defining Illegal Insider Trading
Policing The Securities Market: An Overview Of The SEC
See also: Insider Trading, Perp Walk, Robber Barons, Tax Evasion, Whistle Blower