black economy

noun

Definition of black economy

: illicit economic activity done in violation of official regulations
  • By tax-avoidance and regulation-evasion, the “black economy” amounts to an unofficial but effective supply-side program.
  • —George F. WillSpringfield (Massachusetts) Union-News14 Sept. 1989
  • For instance, it taxed gross business income. Thus, tax bills could exceed net profits. So businesses became part of the black economy. And the government didn't know where to get revenue again.
  • —P. J. O'RourkeRolling Stone14 Nov. 1996
  • The heroin trade funded Pakistan's thriving black economy.
  • —Tariq AliThe Duel2008

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First Known Use of black economy

1974


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