Black market
Meaning
The black market refers to an illegal system for buying and selling goods or services, often to avoid taxes or government regulations.
Origin
While illicit trade is as old as commerce itself, the term 'black market' truly cemented its place in English during the tumultuous rationing periods of the 20th century, especially World War II. As governments strictly controlled prices and distribution of essential goods, a hidden economy emerged, thriving 'in the black'—unseen, unregulated, and often cash-only. Goods, from petrol to food, would vanish from official shelves only to reappear at exorbitant prices through clandestine networks. The 'black' vividly described the covert, shadowy nature of these transactions, in stark contrast to legitimate 'white' markets, capturing the public imagination as a symbol of wartime desperation and illicit enterprise.
Examples
- During the period of rationing, many families relied on the black market to acquire goods they couldn't find elsewhere.
- Authorities are working to disrupt the sophisticated black market network that deals in stolen luxury items.