BEGINNER

Black Markets

FEBRUARY 21, 2013

Black markets arise when governments set restrictions on what goods and services individuals may purchase. Provision of these goods and services are taken over by persons willing to violate the law. Because of the artificial scarcity created by government policy, these parties face much less competition than they would in a free market and can therefore charge higher prices to consumers. Due to the illegal nature of operations in the black market, producers and distributors may take aggressive measures to defend their work against intrusion.

 

The Cost of the War on Drugs

 

Steve Horwitz - Regulation and Intervention

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September 2014

For centuries, hierarchical models dominated human organizations. Kings, warlords, and emperors could rally groups--but also oppress them. Non-hierarchical forms of organization, though, are increasingly defining our lives. It's no secret how this shift has benefited out social lives, including dating, and it's becoming more commonplace even in the corporate world. But it has also now come even to organizations bent on domination rather than human flourishing, as the Islamic State shows. If even destructive groups rely on this form of entrepreneurial organization, then hierarchy's time could truly be coming to an end.
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