black economy
1
8.0
- noun
- /blæk ɪˈkɒnəmi/
- Specialized
:
economía sumergida
- The black economy is unorganized and illegal in India, but it is thriving.
Examples
-
The government is implementing new policies to reduce the size of the black economy and increase tax revenues.
-
Loose law enforcement aids this "black economy" in India.
Blog text (14) -
Mechanisms must be created to draw the productive sectors of the "black economy" which operates on city streets into the conventional economy to revitalize it.
Academic text (1991) -
There are, in fact, various definitions of the "underground economy," also referred to as the "shadow economy," the "informal economy," and the "black economy," among other monikers.
Academic text (2017) -
This prominence of the business class was especially so as the idea of a separate black economy, promoted by the Whip and somewhat by the Defender, grew in popularity.
Academic text (1999) -
The consequence of hidden inflation is always problems with shortages, and as is always the case with such shortages, you will get problems with an ever-increasing black economy involving smuggling and corruption.
Blog text (8) -
Many small businesses operate within the black economy to avoid paying taxes and regulations.
-
People in the black economy often engage in unreported cash transactions that evade government oversight.
Synonyms
85
3.9
A place where people buy and sell goods illegally
1
5.6
A hidden network where people buy and sell things illegally
How Extensive
- Specialized
1
8.0
1
5.6
Surface Forms
Morphology
The adjective 'black' here is used metaphorically to mean hidden/illegal and combined with 'economy' yields an economy that is unreported or operates outside regulation; a learner who recognises 'black' in collocations like 'black market' can infer this core idea. However, the exact sense (unrecorded transactions, tax evasion, informal/illegal trade) is somewhat conventional and may not be fully predictable from the parts for all B1 learners without exposure, so the phrase is only partially transparent.
Etymology
The term black economy comes from the image of trade done in the dark: black meaning 'hidden' or 'illegal' and economy meaning money and business. That's why it refers to the part of a country's economy that is kept secret and not recorded by the government.