black economy

noun

: 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. Will, Springfield (Massachusetts) Union-News, 14 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'Rourke, Rolling Stone, 14 Nov. 1996
The heroin trade funded Pakistan's thriving black economy.Tariq Ali, The Duel, 2008

Word History

First Known Use

1974, in the meaning defined above

Time Traveler
The first known use of black economy was in 1974

Love words?

You must — there are over 200,000 words in our free online dictionary, but you are looking for one that’s only in the Merriam-Webster Unabridged Dictionary.

Start your free trial today and get unlimited access to America's largest dictionary, with:

  • More than 250,000 words that aren't in our free dictionary
  • Expanded definitions, etymologies, and usage notes
  • Advanced search features
  • Ad free!

Dictionary Entries Near black economy

Cite this Entry

“Black economy.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/black%20economy. Accessed 5 Nov. 2024.

Love words? Need even more definitions?

Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free!