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What is Black Market and its types and working procedure

Black marketing is a crime in every state of law and an act of traitor-ship to a country. A black market is an activity of underground trading and marketing economy run by banned outfits. The whole economy is based on buying and selling of goods that have otherwise been banned by the constitution. The economy which would otherwise go to the government, go to the smugglers and the state economy is drastically affected. The black market has always been one of the key factors why 3rd world countries have a struggling economy. It not only affects the national money bank but also leads to illegal dumping of weapons and drugs in major cities. This has a direct link with the increase in crime rate and birth of small rebellious groups feeding off illegal money, nourished by the gangster mindset, bathing in millions of dollars not ready to bend in front of the law. It would be wrong to believe that the black market only plays with the economy, but also with lives, human lives. Human trafficking is one of the major running factors of the black market. Poor people are sold around the continents as inanimate objects, which are blinded with false promises of better jobs and education abroad. Prostitution and human smuggling have been recognized as a crime by the UN but even then there are approximately 40 to 50 million slaves in the world today.

The black marketers are playing with the lives of people and have gone unchecked for so long that right now it would be appropriate to say that eradicating this concept of trade is synonyms with impossible. 900,000 people are trafficked across the international borders every year, of which 95% are female and half are children. Exchange of illegal currency and buying and selling of banned drugs is the major source of nutrition for the monstrous spider of black marketing which feeds off money brought in by illegal means. Mostly, black market is beneficial for over shore trading because that way the traders manage to dodge the Tax code and the amount of goods being brought in go unreported which in return interests the traders as a mean of making more money and then again who cares about violating the law.

Weapons are also brought in by the black market which contrarily has to go through the lengthy process of double checking, license approving and heavy payment. The illegal weapons affect the law and order situation drastically. In countries like Somalia and Africa a gun is owned by almost every child. This may be alarming news to the world but for the under developed countries with weak governments and crippling imposition of law, this is normal. Moreover, many animals which have been labeled as extinct or near extinction by the Word Wildlife Fund are traded through the black market at massively high rates. This not only affects the biological cycle but also disturbs the wildlife serenity. Human organs and Alcohol also form part of the long list of black market supplying list. The United States of America is on top of the black marketing list with an economy valuing $625.63 billion. It attracts numerous black marketers and is the hub of all illegal trading. In fact it depends upon the state economy as well in a sense that greater the economy, greater will it attract illegal traders from around the world. The chains of black marketing and the filth that it brings with itself must be destroyed in every term of the law. This must no longer go on, this is the 21st century for crying out loud.

Author :Center for Recent Innovations - European Union
Pulished date: 05-16-16
Springer with the Collaboration of LearnRnd
Source URL:http://www.learnrnd.com/detail.php?id=What_is_Black_Market_and_its_types_and_working_procedure

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