The Contribution of A Black Market

(8/30/2013) I came cross with this interesting article about black market and global economy. It reminds me of some business activities in Asia and how it ran and operated when I grew up. When a market has a demand for something but it is inconvenient for consumers to get it (cigarettes, alcohols, drugs, prostitutions, or even some luxury goods in some developing countries), the black market fills this gap. It bypasses the regulation and intervention of the government. In a black market, the consumers know where to find the supply and the suppliers will rush in when there is a business opportunity to profit from it. I wonder if a more open and free economy has a relative small black market? Is it better off to the whole society?