BLACK MARKETEERING Meaning and
Definition
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Black marketeering refers to the illegal trading or exchange of goods and services outside the parameters of government-regulated markets or established legal channels. It involves the buying and selling of goods, often in high demand or prohibited goods, through secretive and covert operations, evading government laws and regulations. This clandestine activity typically occurs when there is a shortage of a particular item, or when certain commodities are heavily taxed or restricted.
Black marketeering is characterized by transactions that take place in hidden or underground markets, where participants operate with the intention of making profits without adhering to the legal requirements or oversight of official markets. These activities often involve evasion of taxes, smuggling, counterfeiting, or the distribution of illegal drugs, weapons, or counterfeit goods.
The black market may exist due to various factors, including economic instability, government control, trade restrictions, or differentials in price between regulated and unregulated markets. It thrives through a network of individuals or organizations that facilitate transactions while keeping their operations discreet, avoiding detection by authorities. This illegal practice undermines legitimate trade, hinders economic growth, and often leads to the exploitation of vulnerable populations.
Governments around the world attempt to combat black marketeering through law enforcement, surveillance, and regulation. However, the allure of high profits, scarcity-driven demand, and the adaptability of illicit networks often make it challenging to eradicate completely.
Etymology of BLACK MARKETEERING
The word "black marketeering" is derived from the combination of "black market" and the suffix "-eering".
The term "black market" originated during World War II and referred to illegal or unauthorized trading and commerce. It was used to describe various activities where goods, such as rationed supplies, were bought, sold, or exchanged outside the legal channels or customary economy. The "black" in "black market" refers to the secrecy and illegal nature of these activities.
The suffix "-eering" is a term used to indicate involvement in a specific activity. It is often attached to a root word to describe the act of engaging in a particular practice, often in a negative or illegal sense. In this case, "-eering" indicates the act of engaging in black market activities.
