GC: n

S: http://www.imf.org/external/pubs/ft/issues/issues30/ (last access: 7.09.2015); http://www.encyclopedia.chicagohistory.org/pages/1280.html (last access: 14 December 2013).

N: 1. The underground economy involves economic transactions not measured by government statistics and ignoring government regulations and laws.
The underground economy is also referred to as: ‘black market’ ‘shadow economy’, ‘parallel economy’.
The underground Economy includes:
Criminal activity e.g. selling of drugs on the street,
Labourers paid in cash and not declaring to the taxman
Borrowing from ‘loan sharks’ at extortionate interest rates
Prostitution
Buying untaxes cigarettes and alcohol.
illegal (unlicensed) taxi services
The size of the black market varies depending on the country. It is hard to measure, but estimates suggest the underground economy accounts for about 7-8% of the US and UK economies, but, in Russia it could be as high as 40-50%.
2. The shadow, hidden, subterranean, irregular economy where goods and services – some legal, some illegal – are produced but not reported.
3. A lesser black market.
4. Do not confuse with “informal economy”.

S: 1. http://www.economicshelp.org/blog/1822/economics/underground-economy/ (last access: 14 December 2013). 2, 3 & 4. TERMIUMPLUS

SYN: 1. shadow economy. 2. shadow economy, gray economy. 3. gray economy (US), grey economy, black economy, hidden economy.

S: 1. http://ec.europa.eu/europe2020/pdf/themes/07_shadow_economy.pdf (last access: 14 December 2013), IEA – http://www.iea.org.uk/publications/research/the-shadow-economy (last access: 14 December 2013). 2. GDT. 3. TERMIUMPLUS.

CR: poverty