Etymology
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black market (n.)

"unauthorized dealing in restricted or rationed commodities," 1931, from black (adj.), probably suggesting "dark, invisible" or "shady, improper" + market (n.). As an adjective by 1935. It exploded in popularity with the coming of World War II rationing.

updated on July 05, 2017

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Definitions of black market from WordNet
1
black market (n.)
people who engage in illicit trade;
black market (n.)
an illegal market in which goods or currencies are bought and sold in violation of rationing or controls;
2
black market (v.)
deal in illegally, such as arms or liquor;
Synonyms: run
From wordnet.princeton.edu, not affiliated with etymonline.