[mipsi]

> Black markets are markets that break existing legislation, not markets that are free from legislation.

Your statement "black markets are not markets without legislation" logically implies such existence. I regard legislation as a governmental act and in my opinion you stretched its meaning to an informal agreement between market participants.

But, if you meant legislation as some kind of unwritten law, that breaks state laws, i would fully agree.

[dahart]

You misquoted me there. My “not” wasn’t defining the term it was doing the opposite, saying the definition is not what you claimed at the top. “Black market” is not a common term for markets without legislation, contrary to what you said. The term for markets without legislation, or for many people, with light or restricted legislation is “free market”, just like @aqme28 was talking about.