Black Economy

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  • Otherwise known as the underground, informal, illegal, or parallel economy, in which illegal and unreported economic activities take place. The precise size of an underground economy is usually not known because economic activities are surrepti tious. Policymakers try to have an understanding of the underground economy by estimating illegal and unreported activities.

    The economic activities in the underground economy are diverse and include trade in stolen goods, drug trafficking, prostitution, gambling, smuggling, tax evasion (avoidance), unreported income from work, and unreported illegal payments to workers. In some countries, the shadow economy has progressively expanded over the years, and this growth is strongly reflected in the shadow labor economy.

    There are various propitious conditions for a black economy. Countries with relatively low tax rates, fewer laws and ...

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