The black market is a phenomenon that has become increasingly central to the lives of the people in many of the world's economies. In this first serious study of the economics of the black market. Dr. Ray looks in-depth at profiteering, black money, fraud, smuggling, government corruption, and the overall structure of the black market. He explains the effects of the market on prices, inflation, and money supply. He closes with an economic-political strategy to fight what he sees as a growing menace. Though his study is based on the economy of India, the lessons it contains can be applied to many countries where a black-market economy exists.