Business markets and the economy essay

Media piracy is a crime of duplication, with no physical property being stolen. See also the example of the Ghanaian cedi from the s and s. The currency has been acquired illegally and needs to be laundered before the money can be used.

Black markets by country[ edit ] Further information: April Main article: During the Vietnam warsoldiers would spend Military Payment Certificates on maid service and sexual entertainment,[ citation needed ] thus supporting their partners and their families.

The currency is counterfeit. Copyright holders also say that they did some work for creating their copyrighted material and they wish to get compensated for their work.

Since digital information can be duplicated repeatedly with no loss of quality, and passed on electronically at little to no cost, the effective underground market value of media is zero, differentiating it from nearly all other forms of underground economic activity.

Copyright infringement Street vendors in countries where there is little enforcement of copyright lawparticularly in Asia and Latin America, often sell deeply discounted copies of filmsmusic CDsand computer software such as video gamessometimes even before the official release of the title.

A government makes it difficult or illegal for its citizens to own much or any foreign currency.

Black market

In situations of financial instability and inflation, citizens may substitute a foreign currency for the local currency. For example, in the Parliament of the United Kingdom on February 17,[53] members said that "the whole turkey production of East Anglia had gone to the black market" and "prosecutions [for black-marketing] were like trying to stop a leak in a battleship", and it was said that official prices of such foods were set so low that their producers often sold their produce on the black market for higher prices; one such route seen to operate at the market at Diss in Norfolk was to sell live poultry to members of the public, and each purchaser would sign a form promising that he was buying the birds to breed from, and then take them home for eating.

Similarly when the law disappears, so does the black market, which is why of the arguments for marijuana legalization is the elimination of the black market, and thus taxes from that economy being used by the government.

The government sets "pegs" the local currency at some arbitrary level to another currency that does not reflect its true market value.

Many artists and film producers have accepted the role of piracy in media distribution. The rationing and price controls enforced in many countries during World War II encouraged widespread black market activity.

Another in Britain was supplies from the US, intended only for use in US army bases on British land, but leaked into the local native British black market. However, this makes the unsubstantiated assumption that the pirates would have bought the copyrighted material if it had not been available through file sharing or other means.

If the Vietnamese civilian wanted something that was hard to get, he would buy it at double the price from one of the soldiers, who had a monthly ration card and thus had access to the military stores.

This may happen for one or more of several reasons: Often, certain types of illegal products are traded against one another, depending on the geographical location. The government taxes exchanging the local currency with other currencies, either in one direction or both e.

The issue is compounded by widespread indifference to enforcing copyright law, both with governments and the public at large. Copyright-holders and other proponents of copyright laws have found this phenomenon hard to stop through the courts, as the operations are distributed and widespread,[ citation needed ] transversing national borders and thus legal systems.

Even after the economic blockade was eased, and petrol imports resumed, people are not getting the fuel as they were supposed to and are resort to buying from the black market.

At times, people need to queue for hours or even sometimes overnight to get the fuel. It also authorises copyright-holders to use region-coding to discriminate against selected populations price-wise and availability-wise. When it does, the peg often overvalues the local currency relative to what its market value would be if it were a floating currency.

On the other hand, the petrol pump operators are alleged to hoarding the fuel, and selling it to black marketers.The fate of Europe in its hands, Germany wants other countries to be more, well, German.

That, Michael Lewis discovers, means a disdain for money (and bankers), a legacy of evil, and a curious. A black market, underground economy, or shadow economy is a clandestine market or transaction 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.

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Business markets and the economy essay
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