- published: 15 Dec 2014
- views: 112066
A black market or underground economy is a market in goods or services which operates outside the formal one(s) supported by established state power. Typically the totality of such activity is referred to with the definite article as a complement to the official economies, by market for such goods and services, e.g. "the black market in bush meat" or the state jurisdiction "the black market in China".
It is distinct from the grey market, in which commodities are distributed through channels which, while legal, are unofficial, unauthorized, or unintended by the original manufacturer, and the white market, the legal market for goods and services.
Worldwide, the underground economy is estimated to have provided 1.8 billion jobs.
The literature on the black market has avoided a common usage and has instead offered a plethora of appellations including: subterranean; hidden; grey; shadow; informal; clandestine; illegal; unobserved; unreported; unrecorded; second; parallel and black. This profusion of vague labels attests to the confusion of a literature attempting to explore a largely uncharted area of economic activity.
Subramanian Swamy (born 15 September 1939 in Chennai, India sometimes spelt Subramaniam Swamy) is an Indian politician, academician and an economist. He is the President of the Janata Party of India. He also presently serves as chairman of the SCMS Board of Governors of the SCMS Group of Educational Institutions in Kerala.
Swamy has previously served as member of the Planning Commission of India and Cabinet Minister of India. He has written extensively on foreign affairs dealing largely with India-China, India-Pakistan and Indo-Israel relation and is also a published author.
In November 1978, Swamy was member of the Group of Eminent persons called to Geneva to prepare a report of the United Nations (UNCTAD) on Economic Co-operation between Developing countries (ECDC).Swamy simplified trade procedures and formulated a new export strategy which became the forerunner of trade reform adopted subsequently. In 1994, Swamy was appointed as Chairman of the Commission on Labour Standards and International Trade by then Prime Minister P. V. Narasimha Rao. This was perhaps for the first time that an Opposition Party member was given a Cabinet rank post by the ruling party.