If some black markets are free-market, are all free-markets black markets? A black market is "
- The illegal business of buying or selling goods or currency in violation of restrictions such as price controls or rationing.
- A place where these illegal operations are carried on." -Answers.com
So essentially a black market is, by this definition, only a black market because the State says it is.
In places like Venezuela, the black market is alive and well. Hugo Chavez’s manipulation of his country’s currency is making alternate usage of the US Dollar by citizens far more profitable for the same commodities.
Should we as austro-libertarians, push for the creation, promotion and sustainability of black markets in Statist strongholds like the United States? Can they, the black markets primarily, bring about the kind of propertarian anarchism many austro-libertarians push? In what ways can we predict a sizeable black market will affect the “legal” ones? What about social effects? If prostitution was legalized, would divorce rates decline? What about substance consumption age limits .. do minors agreeing to pay an older friend to purchase either alcohol or tobacco constitute a “black market” of sorts…? Etc.