For example, someone might sell a legal product on the black market so that they don’t have to report that income to the government and pay taxes. Some of these items are illegal substances, weapons, gambling, prostitution, forced labor, and even biological organs.įinally, the black market includes transactions that are illegal because of their nature, not because of the product or service for sale. Next, people buy and sell a myriad of other illegal products and services on the black market. One of the most memorable examples of such a breach was that of Equifax in 2017 – Personal information of about 147 million people was stolen. These hackers steal personal information of customers and often sell it on the black market. Most people have probably heard about some of the major data breaches that have resulted from the hacking of a large company’s system. These hackers often either use the stolen information themselves or sell the stolen information to someone on the black market. Hackers devote a massive amount of time and energy to gathering the credit card numbers, bank account numbers, and Social Security numbers of individuals. You can break black market goods down into three primary categories: personal information, illegal products, and legal products sold in an illegal way.įirst, the black market includes the virtual sale of personal information, which has become increasingly valuable in the digital age.
The black market isn’t just one singular market – Rather, it’s a term that refers to any type of market that is illegal in nature. You can buy just about anything in the black market. The underground economy is a means to engage in trade for these goods and services.
#HOW TO ACCESS THE BLACK MARKET LICENSE#
For example, someone who wants to be a contractor but can’t afford the necessary exam and license might do unreported work on people’s houses.įinally, it’s sometimes the case that people want to buy or sell something that they can’t legally buy or sell in their nation, such as illegal substances, firearms, or even exotic animals.
#HOW TO ACCESS THE BLACK MARKET FOR FREE#
For some people, the cost of necessary licensure alone might be cost prohibitive – Instead, they can get started for free in the black market.
It might be tempting for some companies to avoid these costs by taking their businesses underground (aka unreported and out of the government’s view).īlack markets also arise when regulations make it difficult or expensive for businesses to get started in the traditional economy.
Business owners spend a lot of money on government-mandated income and corporate taxes. Let’s look at some key reasons these markets arise.įirst, operating in the traditional regulated economy can be expensive. Zimbabwe and Haiti have among the highest percentage of black market activity as compared to gross domestic product (GDP), while the United States and Switzerland have among the lowest. In general, black markets tend to comprise a smaller percentage of a nation’s entire economy in countries that have lower taxes, fewer regulations, and better established law enforcement. Black markets exist for several reasons and are present in both developed and developing markets.