> That would imply the existence of legal “black markets”.
Why’s that? I don’t follow. How does black markets being defined as illegal imply there are legal ones?
BTW, don’t take my word for it, just look it up.
“A black market, underground economy or shadow economy is a clandestine market or series of transactions that has some aspect of illegality or is characterized by some form of noncompliant behavior with an institutional set of rules. If the rule defines the set of goods and services whose production and distribution is prohibited by law, non-compliance with the rule constitutes a black market trade since the transaction itself is illegal.” https://en.wikipedia.org/wiki/Black_market
> Black markets are markets that break existing legislation, not markets that are free from legislation.
Your statement "black markets are not markets without legislation" logically implies such existence. I regard legislation as a governmental act and in my opinion you stretched its meaning to an informal agreement between market participants.
But, if you meant legislation as some kind of unwritten law, that breaks state laws, i would fully agree.
You misquoted me there. My “not” wasn’t defining the term it was doing the opposite, saying the definition is not what you claimed at the top. “Black market” is not a common term for markets without legislation, contrary to what you said. The term for markets without legislation, or for many people, with light or restricted legislation is “free market”, just like @aqme28 was talking about.
Why’s that? I don’t follow. How does black markets being defined as illegal imply there are legal ones?
BTW, don’t take my word for it, just look it up.
“A black market, underground economy or shadow economy is a clandestine market or series of transactions that has some aspect of illegality or is characterized by some form of noncompliant behavior with an institutional set of rules. If the rule defines the set of goods and services whose production and distribution is prohibited by law, non-compliance with the rule constitutes a black market trade since the transaction itself is illegal.” https://en.wikipedia.org/wiki/Black_market