51³ÉÈËÁÔÆæ

Course Description

Summary

Why do some transactions -- the sale of illegal drugs and weapons, human trafficking, finance, piracy, trade in endangered species, and harvesting of Siberian timber -- operate outside the formal economy? In this course we will study how the boundaries of the formal economy are negotiated, how black markets arise in relation to the formal economy, and the conditions under which black markets become incorporated into formal markets (most recently marijuana). Furthermore, we will consider how informal economies operate within both developed and developing countries and how informal employment, trade, and housing arrangements support the livelihoods of poor people around the world. The primary objective of the course is to understand how informal economies, and black markets in particular, impact economic welfare, human rights, and the environment.