Market essay in english

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Racketeering edit main article: Racket (crime) A racket is a service that is fraudulently offered to solve a problem, such as for a problem that does not actually exist, that will not be put into effect, or that would not otherwise exist if the racket. Conducting a racket is racketeering. 31 Particularly, the potential problem may be caused by the same party that offers to solve it, although that fact may be concealed, with the specific intent to engender continual patronage for this party. An archetype is the protection racket, wherein a person or group (e.g., a criminal gang) indicates to a store owner that they could protect her/his store from potential damage, damage that the same person or group would otherwise inflict, while the correlation of threat and. Racketeering is often associated with organized crime, and the term was coined by the Employers' Association of Chicago in June 1927 in a statement about the influence of organized crime in the teamsters union. 32 Transportation providers edit main article: illegal taxicab operation Where taxicabs, buses, and other transportation providers are strictly regulated or monopolized by government, a black market typically flourishes to provide transportation to poorly served or overpriced communities. In the United States, some cities restrict entry to the taxicab market with a medallion system,. E., taxicabs must get a special license and display it on a medallion in the vehicle.

It was said that some ships carried 200,000 in contraband in a single run. Tobacco edit It has been reported that smuggling one truckload of cigarettes from a low-tax us state to a high-tax state can lead to a profit of up to 2 million. 24 The low-tax states are generally the major tobacco producers, and have come under enormous criticism for their reluctance to increase taxes. North Carolina eventually agreed to raise its taxes from 5 cents to 35 cents per pack of 20 cigarettes, although this remains far below the national average. 25 But south Carolina has so far refused to follow suit and raise taxes from seven cents per pack (the lowest in the usa). 26 In the uk, it has been reported that "27 of cigarettes and 68 of roll your own tobacco is purchased on the black market". 27 biological organs edit main article: Organ trade Illegal organ trade According to the world health Organization (who illegal organ trade occurs when organs are removed from the body for the purpose of commercial transactions. 28 The who justifies these actions by stating, "Payment for. Organs is likely to take unfair advantage of the poorest and most vulnerable groups, undermines altruistic donation and leads to profiteering and human trafficking." 29 Despite these ordinances, it was estimated that 5 of all organ recipients engaged in commercial organ transplant in 2005. 30 Research indicates that illegal organ trade is on the rise, with a recent report by Global Financial Integrity estimating that the illegal organ trade generates profits between 600 million and.2 billion per year with a span over many countries.

market essay in english

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19 20 Animals and animal products edit main articles: ivory trade and Wildlife trade In many developing countries, living animals are captured in the wild and sold as pets. Wild animals are also hunted and killed for their meat, hide, and organs, the latter of which and other animal parts are sold for use in traditional medicine. In several of the states within the United States, laws requiring the pasteurization of milk has created black market situations involving the transport and sale of raw milk, and sometimes raw milk cheese which is legal in a number of eu countries but banned. Smuggling is usually done to circumvent taxation or prohibition laws within a particular jurisdiction. The term rum-running is more commonly applied to smuggling over water; bootlegging is applied to smuggling over land. According to the pbs documentary Prohibition, the term "bootlegging" was popularized when thousands of city dwellers would sell liquor from flasks they kept in their boot leg all across major cities and rural areas. 22 23 The term "rum-running" most likely originated at the start of Prohibition in the United States (19201933 when ships from Bimini in the western Bahamas transported cheap Caribbean rum to Florida speakeasies. But rum 's cheapness made it a low-profit item for the rum-runners, and they soon moved on to smuggling Canadian whisky, french champagne, and English gin to major cities like new York city and Boston, where prices ran high.

market essay in english

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This may be by smuggling the arms from countries where they were bought legally or stolen, or by stealing from arms manufacturers within the country itself, using insiders. In cases where the underground economy is unable to smuggle firearms, they can also satisfy requests by gunsmithing their own firearms. Those who may buy this way include criminals to use for illegal activities, gun collectors, and otherwise law-abiding citizens interested in protecting their dwellings, families or businesses. In England and Wales, certain categories of weapons used for hunting may be owned by qualified residents but must be registered with the local police force and kept within a locked cabinet. Another segment of the population who may purchase weapons on the black market are individuals who are unable to pass the legal requirements for registration—convicted felons or those suffering from mental illness for example. In a few jurisdictions, collectors may legally keep antique weapons made incapable of being readily restored to a firing condition. Illegally logged timber edit main article: Illegal logging The illegal logging of timber has posed as an issue. According to Interpol, the illegal logging industry is worth almost as much as drug production industry, in some gpa countries.

18 Prostitutes in the black market generally operate with some degree of secrecy, sometimes negotiating prices and activities through codewords and subtle gestures. In countries such as Germany or the netherlands, where prostitution is legal but regulated, illegal prostitutes exist whose services are offered cheaper without regard for the legal requirements or procedures—health checks, standards of accommodation, and. In other countries, such as Nicaragua, where legal prostitution is regulated, hotels may require both parties to identify themselves, to prevent the rise of child prostitution. Weapons edit main article: Arms trafficking A tower of confiscated smuggled weapons about to be set ablaze in nairobi, kenya the legislatures of many countries forbid or restrict the personal ownership of weapons. These restrictions can range from small knives to firearms, either altogether or by classification (e.g. Caliber, handguns, automatic weapons, and explosives ). The black market supplies the demands for weaponry that can not be obtained legally, or may only be obtained legally after obtaining permits and paying fees.

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market essay in english

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However, in some situations, consumers can actually be in a better situation when using black market services, particularly when government regulations hinder what would otherwise be a legitimate competitive service. For example: Unlicensed taxicabs. In Baltimore, it has been reported that many consumers actively prefer illegal taxis, citing that they are more available, convenient, and priced fairly. 15 Traded goods and services edit some examples of underground economic activities include: Sexual exploitation and forced labor edit main homework article: Human trafficking Illegal drugs edit main article: Illegal drug trade From the with late 19th and early 20th centuries, many countries began to ban the. Many people nonetheless continue to use illegal drugs, and a black market exists to supply them. Despite law enforcement efforts to intercept them, demand remains high, providing a large profit motive for organized criminal groups to keep drugs supplied.

The United Nations has reported that the retail market value of illegal drugs is 321.6 billion usd. 16 Although law enforcement agencies intercept a fraction of the illegal drugs, and incarcerate hundreds of thousands of wholesale and retail sellers, the very stable demand for such drugs and the high profit margins encourages new distributors to enter the market without a decrease. Many drug legalization activists draw parallels between the illegal drug trade and the Prohibition of alcohol in the United States in the 1920s. Prostitution edit Prostitution is illegal or highly regulated in many countries across the world. These places form a classic study of the underground economy, because of consistent high demand from customers, relatively high pay, but labor-intensive and low skilled work, which attracts a continual supply of workers. While prostitution exists in every country, studies show that it tends to flourish more in poorer countries, and in areas with large numbers of unattached men, such as around military bases. 17 For instance, an empirical study showed that the supply of prostitutes rose abruptly in Denver and Minneapolis in 2008 when the democratic and Republican National Conventions took place there.

12 On the other hand, the term black market can be used in reference to a specific part of the economy in which contraband is traded. Pricing edit goods and services acquired illegally and/or transacted for in an illegal manner may exchange above or below the price of legal market transactions: They may be cheaper than legal market prices. The supplier does not have to pay for production costs and/or taxes. This is usually the case in the underground economy. Criminals steal goods and sell them below the legal market price, but there is no receipt, guarantee, and so forth. When someone is hired to perform work and the client is unable to write off the expense (particularly common for work such as home renovations or cosmetological services the client may be inclined to request a lower price (usually paid in cash) in exchange for.

They may be more expensive than legal market prices. For example, the product is difficult to acquire or produce, dangerous to handle, is strictly rationed, or not easily available legally if at all. If exchange of goods are made illegal by some sort of state sanction, such as is often seen with certain pharmaceutical drugs, their prices will tend to rise as a result of that sanction. Consumer issues edit no government, no global nonprofit, no multinational enterprise can seriously claim to be able to replace the.8 billion jobs created by the economic underground. In truth, the best hope for growth in most emerging economies lies in the shadows. — global bazaar, scientific American 13 even when the underground market offers lower prices, consumers still have an incentive to buy on the legal market when possible, because: They may prefer legal suppliers, as they are easier to contact and can be held accountable for. Though they themselves will not usually face criminal prosecution, they are still left without the goods they paid for and with little if any recourse to get their money back. This risk may make some averse to buying goods that they think may be from the underground market, even if in fact they are legitimate (for example, items sold at a car boot sale ).

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New methods have been proposed for estimating the size of the unrecorded essay (non-observed) economy. 8 But there is still little consensus concerning the size of the unreported economies of transition countries. 9 The " informal economy " comprises those economic activities that circumvent the costs and are excluded from the benefits and rights incorporated in the laws report and administrative rules covering property relationships, commercial licensing, labor contracts, torts, financial credit and social security systems. 5 A summary measure of the informal economy is the income generated by economic agents that operate informally. 10 page needed 11 The informal sector is defined as the part of an economy that is not taxed, monitored by any form of government, or included in any gross national product (gnp unlike the formal economy. In developed countries the informal sector is characterized by unreported employment. This is hidden from the state for tax, social security or labour law purposes but is legal in all other aspects.

market essay in english

5 The "unreported economy" consists of those economic activities that circumvent or evade the institutionally established fiscal rules as codified in the tax code. A summary measure of the unreported economy is short the amount of income that should be reported to the tax authority but is not so reported. A complementary measure of the unreported economy is the " tax gap namely the difference between the amount of tax revenues due the fiscal authority and the amount of tax revenue actually collected. Unreported income is estimated to be 2 trillion resulting in a "tax gap" of 450600 billion. 6 7 The "unrecorded economy" consists of those economic activities that circumvent the institutional rules that define the reporting requirements of government statistical agencies. 5 A summary measure of the unrecorded economy is the amount of unrecorded income, namely the amount of income that should (under existing rules and conventions) be recorded in national accounting systems (e.g. National Income and Product Accounts ) but is not. Unrecorded income is a particular problem in transition countries that switched from a socialist accounting system to un standard national accounting.

and has instead offered many synonyms including: subterranean; hidden; grey ; shadow; informal; clandestine; illegal; unobserved; unreported; unrecorded; second; parallel and black. 3, there is no single underground economy; there are many. These underground economies are omnipresent, existing in market oriented as well as in centrally planned nations, be they developed or developing. Those engaged in underground activities circumvent, escape or are excluded from the institutional system of rules, rights, regulations and enforcement penalties that govern formal agents engaged in production and exchange. Different types of underground activities are distinguished according to the particular institutional rules that they violate. Four major underground economies can be identified: 3 5 the illegal economy the unreported economy the unrecorded economy the informal economy The "illegal economy" consists of the income produced by those economic activities pursued in violation of legal statutes defining the scope of legitimate forms. Illegal economy participants engage in the production and distribution of prohibited goods and services, such as drug trafficking, arms trafficking, and prostitution.

Examples include the drug trade, prostitution (where prohibited illegal currency transactions and human trafficking. Violations of the tax code involving income tax evasion constitutes membership in the unreported economy. 1 2, because tax evasion or participation in a black resume market activity is illegal, participants will attempt to hide their behavior from the government or regulatory authority. 3, cash usage is the preferred medium of exchange in illegal transactions since cash usage does not leave a footprint. 4, common motives for operating in black markets are to trade contraband, avoid taxes and regulations, or skirt price controls or rationing. 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,. "the black market in bush meat". The black market is distinct from the grey market, in which commodities are distributed through channels that, while legal, are unofficial, unauthorized, or unintended by the original manufacturer, and the white market, in which trade is legal and official. Black money is the proceeds of an illegal transaction, on which income and other taxes have not been paid, and which can only be legitimised by some form of money laundering.

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"Black market" and "Black money" redirect here. For other uses, see. Black market (disambiguation) and, black money (disambiguation). A black market in, shinbashi in 1946. A black market salesman (fly by night) depicted in graffiti in, kharkiv, ukraine (2008). A black market, underground economy, or shadow economy is a clandestine market or transaction that has some aspect of illegality or is characterized by some form of noncompliant behavior with an institutional set of rules. If the rule defines the set of goods and services whose production and distribution is prohibited by law, non-compliance with the rule constitutes a black market trade since the transaction itself is illegal. Parties engaging in the production or distribution of prohibited goods and services are members of the illegal economy.

market essay in english
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  1. Triumph of the market: Essays on Economics, politics, and the media edward. Herman shows how the triumph of the market in the post-Cold War world order means the further commodifications of culture. Hire a highly qualified essay writer for all your content needs.

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  4. Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of uk essays. A black market, underground economy, or shadow economy is a clandestine market or transaction that has some aspect of illegality or is characterized by some form of noncompliant behavior with an institutional set of rules. If the rule defines the set of goods and services whose production and distribution is prohibited by law, non-compliance with the rule constitutes a black market trade since.

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  6. A market economy is an economic system in which the decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and e major characteristic of a market economy is the existence of factor markets that play. The trading floor of the new York Stock Exchange just after the crash of 1929. On Black tuesday, october twenty-ninth, the market collapsed.

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