Underground economy: Difference between revisions
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==Definition== | ==Definition== | ||
The '''underground economy''', also called the '''off-the-books economy''', refers to the entire collection of economic transactions that occur outside of government supervision and control, and are consequently not reported to the government. | The '''underground economy''', also called the '''black economy''' or the '''off-the-books economy''', refers to the entire collection of economic transactions that occur outside of government supervision and control, and are consequently not reported to the government. | ||
Activities in the underground economy include both transactions that are illegal simply by virtue of the nature of the transaction, as well as otherwise legal activities that are hidden in order to avoid taxation and regulation. | Activities in the underground economy include both transactions that are illegal simply by virtue of the nature of the transaction, as well as otherwise legal activities that are hidden in order to avoid taxation and regulation. | ||
Latest revision as of 20:34, 25 March 2009
Definition
The underground economy, also called the black economy or the off-the-books economy, refers to the entire collection of economic transactions that occur outside of government supervision and control, and are consequently not reported to the government.
Activities in the underground economy include both transactions that are illegal simply by virtue of the nature of the transaction, as well as otherwise legal activities that are hidden in order to avoid taxation and regulation.