A question about black markets?

Question

okay this is a silly question... and i have no idea. Im just curious

do black markets actually exists?

i always hear stuff on TV, like "they sold his kidney on the black market"

fill me in on black markets please =]

Answer 1

They surely exist and are recognized as such by formal authorities. Their definition, however, differs depending from which perspective and who is using it. The expression does not always refer to illigal trade but rather to a dark market where pricing, risk, ownership transfer, accoutability, accounting, traceability, formal regulation, reporting ... are absent or very poor.

For the GDP calculation for example, if your neighbor give you a ride in exchange of helping him with his daughter's homework, the transaction is considered to be "black market" because it is not reported and cannot be accounted for. If a person, does some self-home furnishing, cleaning, maintenance they are also considered "black market"

But I acknowledge that the expression is usually used for illicit and illegal traffic, such as drug dealing, organs, child and prostitution networks, tax evasion transactions, stolen artifacts ... all these markets exist and are treated as such.

Most of these black markets are well developed and organized, although they may have different "rules" than legal and free markets (reputation, force and power are very important, while ownership and privacy are not, and prices do not reflect the forces of supply and demand - as we know them at least)

Answer 2

yes

Answer 3

i don't even think they exist