Underground Economy

4900 WordsJan 16, 201120 Pages
Underground economy The underground economy or black market is a market where all commerce is conducted without regard to taxation, law or regulations of trade. The term is also often known as the underdog, shadow economy, black economy, parallel economy or phantom trades. In modern societies the underground economy covers a vast array of activities. It is generally smallest in countries where economic freedom is greatest, and becomes progressively larger in those areas where corruption, regulation, or legal monopolies restrict legitimate economic activity. The black or underground economy is the economic activity which is not measured by government statistics. This can include a range of different economic activities not measurable…show more content…
Often religious reasons are a factor in the decision to make certain substances illegal. In 2003, 28% of 16 to 24-year-olds had used drugs in the last year and 18% in the last month and cannabis was the most frequently reported illicit drug used in the last year, used by 26% of 16 to 24-year-olds. Drugs such as cannabis, ecstasy and heroin are restricted in law and are called controlled drugs. In this section controlled drugs are informally described as illegal drugs. The major criminal offences relating to drugs are: possession of an illegal drug, importation and cultivation, possession with intent to supply an illegal drug, actual supply of illegal drugs. In the decade from 1996, drugs-linked hospital admissions among children under 16 rose 48% from 272 to 402 and there was a 17% jump among those aged 16 to 24. The proportion of 16- to 24-year-olds admitting to cocaine use at any stage in their lives rose above 11% for the first time while use in the previous year rose to more than 6%. Today's figures showed men were more than twice as likely as women to be admitted to hospital for mental and behavioural problems linked to drug use – with 4,715 male admissions and 2,019 female admissions in England in 2006-2007. Weaponry The legislatures of many countries forbid or restrict the personal ownership of weapons. These restrictions can range from small knives to firearms, either
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