Black markets are a consequence of prohibited markets, not free markets—so you cannot have free markets and black markets simultaneously; thus Russia's pervasive black markets in the 1990s indicate prohibition, not excessive marketization.

causalpending

Speaker

Peter Boettke

Evidence Quote

black markets are a consequence of prohibited markets that that's how they come about so it's not the case that they move too quickly to markets

Source

Peter Boettke on Hurricane Katrina and the Economics of Disaster 12/18/2006EconTalk
Created: 6/17/2026, 10:29:22 AM

My Notes

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