Category:Alternative Economies

From Eurêka

Alternative Economies

Alternative economies Economies which operate outside the legal regulated economy, e.g. black markets, hidden economy and crime.

Bazaar economy (Bazaar capitalism) Economy in which that part of output which is produced for exchange, changes hands as a result of numerous, unrelated, face-to-face transactions between buyer and seller (often also the producer). Transactions are normally centered upon an actual market place and price is often determined by haggling. Such an exchange system reflects a very limited development of a retail and wholesaling system.

• See also Marxist economic system

Black market Market which operates in wartime or other periods of restrictions for rationed and other unobtainable goods.

1. Under the counter (BrE) Black market, WW II.

Hidden economy (Underground economy; Shadow economy) Legitimate economic activity but the participants fail to report their earnings for tax and other fiscal restrictions. The value of the underground economy is not measured by official statistics of the GNP because of non-reporting and under-reporting. Estimates suggest that a significant proportion of industrialized countries is generated in this form, e.g. 6-25% of the US economy.

1. Agiotismo (Sp) Hidden economy in Puerto Rico.
2. Ambulantes (Sp) Hidden economy in Peru.
3. Black economy (Cash economy; Unrecorded sector) Hidden economy in Britain.
4. Buhoneros (Sp) Hidden economy in Venezuela.
5. Camelôs (Port) Hidden economy in Brazil.
6. Lavoro sommerso (L'economia sommersa) (It) Hidden economy in Italy.
7. Schwartzarbeit (Schattenwirtschaft) (Ger) Hidden economy in former West Germany.
8. Sobrevivientes (SpM, = survivors) Hidden economy in Mexico.
9. Travail noir (Fr) Hidden economy in France.

Second economy Underground or shadow economy of the former centrally planned Soviet systems.

1. Brown market Semi-legal market of imported foreign goods, on which bribes rather than duty has been paid to customs inspectors, 1990s.

Illegal economy Proceeds of illegal activities such as crime including narcotics, prostitution or gambling.

• See also Crime, Social hazards

Norazi agent Reputed middleman who deals in transactions closed to normal trading channels. Supposedly able to operate in the black market in countries where it is profitable to do so. Alleged to be heavily involved in smuggling to avoid payment of high import duties.

Barter exchange Exchange of goods and services of like value by individuals. They are based on ideas of community economy, and are regarded as social favors and are not taxable.

1. Barter exchange network (AmE) Network of people who barter their goods and services. Members join an exchange and provided goods and services at full value to any other member requesting them, earning credits in the form of scrip or trade checks. These, in turn, can be spent with any of the other participating members.
2. Local exchange trading schemes (Lets) (BrE) Networks of people who barter goods and services using a scrip currency, with names like Peck, Pond and Link.
3. Exchange broker (AmE) Clearing house manager and bookkeeper who charges commission that averages about 5% of the transaction.